Tesla's magic fades as the excitement of model 3 decreases

You no longer need to make a reservation to order a Tesla Model 3, a change that suggests customers hold the evasive version of 35,000 $ rather than queuing.

Before Tesla announced the modification of an e-mail to potential customers, the queue for one of the elegant sedans required a reservation and a security deposit $ 1,000.

People were only too happy to do so when CEO Elon Musk unveiled the car in March 2016, with the promise that they could get one for only $ 35,000. More than 276,000 people registered within two days.

Then they waited. And waited.

One year after the deployment of the 3s model in Fremont, California, Tesla has delivered more than 28,000 cars. Customers expect up to four months for cars that have already started at $ 49,000 as Tesla focuses on building models 3 with performance improvements and convenient features.

The slow pace of production has frustrated consumers. Despite 420,000 people on the Tesla reservation list, this interest has not been transferred to current sales. This leads analysts to believe that people are sticking to the basic model of $ 35,000.

"The realities have begun. Those who raised their hands decided that they did not really want to buy a car for $ 50, $ 60 and $ 70,000. "Brett Smith, deputy director of the Center for Automotive Research at the University of Michigan says to CNNMoney.

Tesla declined to comment.

Other factors can play in people waiting to place orders. Although Tesla's list of reservations is international, Tesla has so far limited shipments to the United States and Canada. And Tesla still does not offer any leasing option.

This does not help that the company is fighting to achieve Musk's production targets, which was expected to produce 200,000 Model 3 sedans by the end of 2017. And Tesla has criticized what sometimes seemed to be a hazardous production line.

Even the Kelley Blue Book analyst Rebecca Lindland gave up waiting. She canceled her model 3 reservation in April after losing confidence in Tesla's ability to deliver a sedan that actually costs $ 35,000.

"If I spend $ 53,000 in a vehicle, I'll look at other things," she said. "I have the impression of having lent money [Musk] but I have not benefited from it."

CNNMoney (Washington) First published July 26, 2018: 2:47 PM ET