Today, Musk announced on his Twitter account that Tesla had booked more than 325,000 orders for the Model 3 in one week, which he said represented $14 billion in pre-orders (The $1,000 deposits are refundable until the vehicle enters production.) Musk has predicted that Model 3 pre-orders will hit 500,000 if the current pace continues. “We’ve now received more than 325,000 reservations, which corresponds to about $14 billion in implied future sales, making this the single biggest one-week launch of any product ever”.
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There is, however, no certainty that Tesla would be able to convert all its orders into sales as many of those could be canceled. The cars have a $35,000 starting price, but Musk said last week that buyers are ordering options that bring the average price to about $42,000.
As of Wednesday’s close, Tesla’s stocks have risen about 16 percent since the unveiling of the Model 3 last week.
The main question is how long it will take for the electric-vehicle maker to deliver its Model 3 cars? Eric Diebold, lead UX designer at PeopleAdmin’s Kansas City office, purchased a Tesla Model S a year ago and fell in love with the car’s technology and handling. In fact, by the end of the first weekend, pre-orders topped 275,000.
The Model 3 is set to change the course of the auto industry and provide a more sustainable model for our planet, and it looks like many are on board.
In an in interview with ABC News, Jack Nerad, executive editorial director for Kelly Blue Book, said the Model 3 is a “critical vehicle for Tesla”.
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Of course, with the reservations for the Model 3 coming in droves, Tesla needs to double up in order to meet the demand. When Musk did reveal the Model 3, online reservations began piling up. “Tesla is addressing all three root causes to ensure that these mistakes are not repeated with the Model 3 launch”. The company delivered 12,420 Model S sedans and just 2,400 Model X SUVs in Q1 of 2016, a period ending on March 31.
