Less than a week after Tesla Motors [NASDAQ:TSLA] unveiled the prototype of its 2014 Model X Crossover SUV at an exclusive event in Los Angeles, the Californian electric automaker has called it the fastest selling Tesla ever.
According to a press release posted on Tesla’s website yesterday, the company netted over $40 million in advance sales in the 24 hours following the unveiling of the 7-seat electric SUV.
“The compelling nature of the product created massive media attention and resulted in the Model X being the third most searched term on Google,” says the official press release. “On Thursday evening, the night of the reveal, traffic to teslamotors.com increased 2,800 percent. Two-thirds of all visitors were new to the website.”
Tesla also says reservations of its 2012 Model S rose by 30 percent following the Model X unveiling.
Tesla Model X - Official Debut, Los Angeles, February 2012
Although Tesla claims this is due to the hype surrounding the Model X, we can’t help but wonder if some customers waited until the Model X unveiling before deciding which of Tesla’s electric cars to order.
For Tesla, the rise in interest is a good thing, especially with its Q4 earnings call scheduled for later today and technically no cars to sell until the 2012 Model S Sedan rolls off the production lines in July.
But while Tesla is congratulating itself on a mainly positive Model X unveiling, it's important to keep in mind one fact: Advance sales -- otherwise known as reservations -- do not always turn into hard sales, especially when a car's final price and options list have not been published.
And as Nissan has learned in the past, the conversion rate from reservations to actual sales can be as low as 40 percent.
Let's hope it stays a little higher for Tesla's Model X.