Model 3 gives Tesla Motors an iPhone moment

San Francisco

TESLA Motors Inc's Model 3 unveiling was its iPhone moment: More than 250,000 orders have been placed for the car, unseen by most of the would-be buyers, including thousands who stood in long lines or camped out overnight at stores. For billionaire chief executive officer Elon Musk, who has aspirations of his electric-car company becoming as big as Apple Inc, it was a ringing endorsement.

But when people camp out at an Apple store, they typically walk away with a new phone. The lines of people snaking around Tesla outlets were merely placing US$1,000 deposits for a Model 3 - a car Tesla won't even start shipping until late 2017. Though perhaps that timing will change: Mr Musk tweeted on Saturday that the company was "focused on accelerating the ramp", based on the …