When nearly 400,000 people raised their hands for the Model 3 and cemented the conviction with a $1,000 deposit, a new business model in a staid industry was born. While conventional automakers seek board approval to tap cash reserves or issue bonds to pay for new vehicles, the ever-unconventional Tesla showed crowdfunding gets the job done in two weeks.
Even Musk was floored by the response. He anticipated fewer than half the deposits he received and must now scramble to find a way to build all those cars.
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