Tesla’s Model 3 will be hitting the streets in the next 18 months, however despite not even existing yet sales are topping the charts.
Tesla’s Model 3 will be hitting the streets in the next 18 months, however despite not even existing yet sales are topping the charts.
Within the first 72 hours of the pre-order being available the company has taken in 276,000 orders; each with a $1,000 deposit.
276k Model 3 orders by end of Sat
— Elon Musk (@elonmusk) April 3, 2016
The car itself is the lowest price car of Elon Musk’s startup, only costing $35,000. Yet is has brought in more revenue than all other models.
It’s not only beating internal sales, among Tesla’s competition they beat out total sales in the US for Ford (237,600), Toyota (238,000) and Honda (150,000) for the entire month of December 2015.
If the entirety of the pre-orders turns into sales, Tesla will be nearly $10 billion richer. And the stock market has taken notice, with Tesla shares increasing 11.1% since the unveiling last week. Adding $3.3 billion in market capitalization on top of the previous $10 bn.
This does represent a problem for the company however, they might have a big problem supplying the demand. The company only made 50,000 cars in total last year, and with 270,000 orders up for the model 3 alone the company could struggle.
Token of appreciation for those who lined up coming via mail. Thought maybe 20-30 people per store would line up, not 800. Gifts on order.
— Elon Musk (@elonmusk) April 2, 2016
This realistically could delay delivery until 2018 — if you’re lucky. However, this is not necessarily a bad problem to have. This iPhone like frenzy over the vehicle is a dream come true for Tesla. With Tesla’s Gigafactory starting to pump out product this year, and Elon’s claim that the California based Tesla plant can produce 500,000 cars a year they might just have a handle on this.
One thing is definitely certain, and Elon Musk says it best, “… the future of electric cars [is] looking bright!”
Model 3 orders at 180,000 in 24 hours. Selling price w avg option mix prob $42k, so ~$7.5B in a day. Future of electric cars looking bright!
— Elon Musk (@elonmusk) April 1, 2016
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