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Tesla saw about 63,000 cancellations of Model 3 pre-orders

Tesla

The company had a total of 518,000 pre-orders but 455,000 net orders at last count.

Tesla is continuing to see demand for its first mass market car, the Model 3, with an average of 1,800 new orders a day.

But on its quarterly earnings call, CEO Elon Musk revealed about 63,000 people have cancelled their Model 3 pre-orders. The number of orders went from approximately 518,000 to 455,000, Musk said.

“Those cancellations occurred over the course of more than a year,” Musk said on the call. “I think [these numbers] are inconsequential. With a small amount of effort we can easily drive the Model 3 reservation number to something much higher but there’s no point. It’s like if you’re a restaurant and you’re serving hamburgers and there’s like an hour and a half wait for hamburgers do you really want to encourage more people to order more hamburgers?”

Still, those ordering Model 3s today will likely not receive their cars until the end of 2018 at the earliest.

Musk didn’t change its guidance on the production ramp of its mainstream vehicle, expecting to manufacture 5,000 Model 3 cars a week by the end of 2017.

Musk said he has no doubt that the company will be able to reach a production rate of 10,000 cars a week by sometime in 2018.

While Musk reiterated the difficulty of the next few months, he also said he’s never felt better about the company.

“When I said ‘manufacturing hell,’ I meant it,” he said on the call. “We know this, we signed up for it. Not blaming hell because we bought the ticket.

“This is maybe the best I’ve ever felt about Tesla to be frank,” he continued.

Musk said the company has learned a great deal from the mistakes made with Model S and X production. For one, he said he overreached on the technology included in the first generation of its SUV the Model X.

“We are very confident about costs [of Model 3 production],” he said.

“When we make mistakes it’s because we’re stupid not because we’re trying to mislead anyone,” Musk continued. “We aspire to be less dumb over time.”

The CEO, who splits his time between Tesla, SpaceX, and now The Boring Company, also gave more information about the compact SUV the company expects to produce. Originally the car, tentatively called Model Y, was going to be built on an entirely new manufacturing platform. But Musk said there “will be significant carry over” from Model 3 production in order to bring the compact SUV to market faster.

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Housing Outlook 2017: Eight Predictions From The Experts

Toronto pricing outlooks

In so many ways 2016 was an unprecedented, volatile and, for some, excruciating 12 months. And the housing market was not immune to the year’s whims. At the start experts anticipated a pick up in building activity, instead builders are still not producing enough homes. Meanwhile, home prices appreciated beyond expectations and mortgage rates toyed with record lows before crossing 4% for the first time in two years. “If the expectation was that the market would transition smoothly from deep red hot recovery to normal–that certainly didn’t happen,” says Svenja Gudell, chief economist at real estate data firm Zillow.

Nevertheless, Gudell and others argue that on balance 2016 was a pretty good year for housing. National prices finally crossed the previous 2006 peak, mortgage rates remained historically low and there were signs that Millennials, a generation which some feared would never buy homes, are beginning to enter the market. Through it all the election loomed large. In 2017 we’ll see how profound it’s effects.

Here are eight things housing experts expect to see in 2017:

  1. Prices will continue to rise – but more slowly
  2. Affordability will worsen
  3. Mortgage rates will be volatile
  4. Credit availability will improve – may be
  5. Supply will improve but remain short
  6. More millennials will become homeowners – and renters
  7. Competition will grow fiercer
  8. Political uncertainty will be replaced with policy uncertainty
Extracts from www.forbes.com

 

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We are 150 Years Old!

Happy 150 Canada in Niagara fall

Canada! Let’s Move to Our Nation’s Play List.

It’s time to celebrate Canada’s 150th birthday, and we’ve got the ultimate Play List to get you moving150 activities that define our land and people – from sledge hockey to lacrosse to snow shoveling and more. So get out there, try as many as you can, track your activities online and earn chances to win great prizes!

For more information on participation, please come on here https://www.participaction.com/en-ca/programs/participaction-150-play-list

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Seoul – a City running 24 hours on K-pop and Kimchi

Seoul night view

South Korea, an East Asian nation on the southern half of the Korean Peninsula, shares one of the world’s most heavily militarized borders with North Korea. It’s equally known for its green, hilly countryside dotted with cherry trees and centuries-old Buddhist temples, plus its coastal fishing villages, sub-tropical islands and high-tech cities such as Seoul, the capital.

The decision to travel is your choice and you are responsible for your personal safety abroad. The Government of Canada takes the safety and security of Canadians abroad very seriously and provides credible and timely information in its Travel Advice to enable you to make well-informed decisions regarding your travel abroad. In the event of a large-scale emergency, every effort will be made to provide assistance. However, there may be constraints that will limit the ability of the Government of Canada to provide services.

See large scale emergencies abroad https://travel.gc.ca/assistance/emergency-info/large-scale-emergencies-abroad for more information.