Tesla denied on Thursday that refunds of bookings of its Model 3 sedan were now outpacing reservations, responding to a report earlier in the day by a Wall Street brokerage citing channel checks on the electric carmaker.
"The notion that Model 3 cancellations are outpacing orders is unequivocally false," a Tesla spokesperson told Reuters. Needham & Co analyst Rajvindra Gill wrote in a client note earlier on Thursday: "In August '17, TSLA cited that the refund rate was 12 percent. Almost a year later, we believe the refund rate has doubled and outpaced deposits."
According to automotive consultant Sandy Munro, president of Michigan-based Munro & Associates, recently claimed that the Tesla Model 3 sedan is the most profitable electric car in the automotive industry. He also said the car generates net profit margins in excess of 30 percent. Munro firm had torn down the Model 3 to better understand how it works.
Shares in Tesla fell as much as 3 percent in early deals on Thursday before recovering to trade just 0.3 percent lower by 2.05 p.m.
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