Musk since has predicted the Model 3 will exceed 500,000 orders, if the current pace continues. Based on that figure, Pacific Crest’s Brad Erickson estimated that pre-orders would reach somewhere between 350,000 and 400,000 after a full week. The company said it’s received more than 325,000 pre-sales as of April 7. Also today, Musk tweeted that only 5 per cent of Model 3 customers reserved two cars (the maximum allowed), and suggested this equaled “low levels of speculation”, which are buyers who want to flip the auto for a profit.
Advertisement
In anticipation of releasing its more affordable Model 3, last month Tesla admitted: “It is not possible to ship to all regions [of the world] simultaneously because regulators in each part of the world have slightly different production requirements”.
If Tesla manages to sell all the pre-ordered cars it stands to make a massive $14 billion, though questions have been raised about the manufacturer’s ability to meet its increasing production goals. Instead, he stated that the electric vehicle (EV) maker might use a page from the US’ largest automaker General Motors Inc (NYSE:GM) notebook with Corvette Stingray for the Model 3.
Tesla has had the market for luxury electric cars and SUVs largely to itself – the Model S is now the best-selling large luxury sedan, gas or electric, in the USA – but it faces increased competition from electric vehicles in development by Mercedes-Benz, BMW, Porsche, Aston Martin and other luxury brands.
The Model 3 was unveiled last Thursday night.
“A huge step towards a more sustainable future”, the company said in a Twitter post on Thursday. Musk said that driving the Model 3 will feel like a spaceship.
Its most recent vehicle, the “falcon-wing” Model X SUV, was expected to arrive mid 2014, but was only delivered to customers in late 2015.
Advertisement
Tesla Motors began taking reservations for its $35,000 electric auto last week, and the numbers blew past expectations from the beginning – including on the first day, when Tesla stores resembled Apple Stores on iPhone launch day.
