Having a very large list of
Having a very large list of reservation holders and very low sales is not a contradiction, and is, in fact, the current reality. There is a big difference between a reservation and a sale. A reservation requires a small deposit ($1,000) from a customer who may later buy the vehicle. It is refundable. In return, the reservation holder gets very little. With Tesla, the reservation holder does not even get to configure their vehicle until shortly before delivery. A "sale" in any business is very different. A sale is a transaction in which a product of service is delivered, an invoice is generated, and a full payment shortly follows. Nobody disputes that the Model 3 will be a great car to drive, or that Tesla can build a following, or that the reservations list is unique and impressive. Tesla is bleeding cash and losing money. Actual sales would turn that around.