Tesla superfans have spent a lot of time and money waiting for the revamped Roadster. Just as this refreshed OG model seemed within reach, the EV maker dashed hopes again with another delay.
On Tesla’s official X page, the company blamed “severe conditions predicted” in the Waco, Texas area for pushing back the October 1 Roadster reveal. Tesla said it’s moving the hotly anticipated event to October 15.
The delay is frustrating, but Roadster preorder buyers are used to waiting. Tesla CEO Elon Musk first announced the next-gen Roadster at a 2017 event, with a slated delivery date of 2020, according to CNBC.
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Since then, people who’ve put money on the line have wondered when this elusive electric sports car would materialize.
Not (road)worthy?
At minimum, people who preordered the upcoming Tesla Roadster had to put down a $50,000 deposit to secure a car. Those who want one of the 1,000 limited-edition “Founders Series” Roadsters had to cough up $250,000.
The Wall Street Journal recently talked with a few of those purchasers. Some still hold on to hope, while others have lost patience.
Evolution Gaming’s Chief Product Officer Todd Haushalter paid a $250,000 deposit in 2017 and has no intention of requesting a refund. After nine years, though, he said he wanted to have his socks knocked off. As Haushalter told The Wall Street Journal, “I expect it to be the most impressive thing ever on wheels by a reasonably large factor.”
Not everyone has been so patient. Car enthusiast and writer Jerry Heasley showed The Wall Street Journal a refund for his 2017 $50K deposit to Tesla. Ironically, now that the Roadster actually appears to be getting closer, Heasley has some regrets, saying, “I want it really bad now.”
Tesla is still accepting Roadster preorders on its website ahead of the October 15 event. Just be prepared for that minimum $50,000 deposit.
Moneywise reached out to Tesla for further comment but did not hear back by publication.
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The Roadster’s rocket-powered specs
Full details on what the sports car can do will have to wait for the official reveal, but early reports suggest an out-of-this-world driving experience.
According to Barron’s, some models could use parts by Musk’s company, SpaceX. There has even been speculation that Roadsters might take flight, at least temporarily.
Even if the Roadster 2.0 doesn’t lift off the ground, it will likely feel like a liftoff, with 0 to 60 mph acceleration in at least 1.9 seconds and a top speed of 250 mph, according to Car and Driver. To achieve those speeds, Car and Driver suggested the roadster could have four electric motors, one for each wheel.
Before the now-canceled October 1 event, Musk briefly touched on the Roadster in an All-In Podcast, promising “excitement,” though he didn’t share more details.
Co-host Jason Calacanis chimed in, saying his “mind went boom” after getting a sneak peek. He could barely contain his excitement, adding, “I have never seen something. What he’s going to show on 10/1, by no exaggeration, is going to blow people’s minds. I’m not saying anything else.”
Will the Roadster rev up Tesla’s stock?
The Roadster won’t be the core of Tesla’s cash flow, but some believe its ultra-premium price could bring in cash for the company’s AI ventures.
Tesla’s former president Jon McNeill told The Wall Street Journal that Musk is likely taking a page from other high-end vehicle makers.
“I think Ferrari proves the point that you can make a lot of money in the automotive business at low volumes, at a high price point,” McNeill said.
Even if the Roadster is a hit, few Wall Street analysts think it will make a huge impact on Tesla’s stock. If the new Roadster line grows to Ferrari’s current market cap of about $70 billion, that would be roughly 4.5% of Tesla’s current $1.5 trillion market cap.
High Roadster sales can certainly help, but investors are still most concerned about Tesla’s larger ambitions, like self-driving cars and Optimus robots.
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Eric Esposito is a US based contributor on Moneywise who loves making financial topics accessible and understandable to readers. In addition to Moneywise, Eric’s work can be found in publications such as WallStreetZen and CoinDesk.
