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Tesla Crushes Nearly 250,000 Model 3 Reservations into Day 2

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Tesla Model 3

232,000 Tesla Model 3 reservations have been placed less than a day after Elon Musk officially unveiled the jaw-dropping Model 3 at the Hawthorne Design Center.

Less than a day after Elon Musk officially unveiled the jaw-dropping Model 3 at the Tesla Design Center, he took to Twitter to announce that 232,000 reservations have been placed. The figure isn’t surprising considering earlier in the day Musk tweeted that 180,000 Model 3 deposits were accepted in just 24 hours since the reservation window opened. This crushes our earlier predictions that Tesla would sell 100,000 units within the first day.

Assuming an average price point of $42,000 per Model 3 sold and all reservations convert to orders, Tesla has just booked $9.7 billion in new business since the reservation process began. And that’s just 2 days.

What does that say about production and the timeframe to when eager reservations holders may realize delivery of their new Model 3? Well, Musk says – and to no surprises – “Recommend, ordering soon, as the wait time is growing rapidly”.

Elon Musk presents the Model 3 at the Tesla Design Center in Hawthorne, CA

With $232 million more in the bank than it had just two days ago – a number that will undoubtedly continue to grow – Tesla will use those monies to help develop the Model 3 for production. Let’s not forget that what we saw last night was only Part 1 of 2. The Model 3 was announced to have a minimum of 215 miles of range and capable of 0-60 mph in under 6 seconds. But with an impending Part 2 announcement of a higher performance and longer range battery, sales of the Model 3 could topple 1 million units.

For a company that delivered slightly over 50,000 cars last year, the idea of producing several hundred thousand or even a million would require a significant readjustment in its production and supply chain process. Not to mention the additional scale out of its Supercharger network.

The company today says it is “Accelerating sustainable transport.”, a dream that Elon’s been envisioning since Day One. With nearly 250,000 Model 3’s reserved, sight unseen, that dream is becoming a lot closer to reality.

 

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