Tesla Model 3 Racks Up 250k of Orders

Tesla Chief Executive and Founder Elon Musk, today tweeted that pre-orders of Tesla’s highly anticipated Tesla Model 3 electric car have gone past the 250,000 mark.

Although the number of Tesla Model 3 pre-orders may not necessarily all translate into actual sales, the level of interest caught even Tesla off-guard with Elon Musk tweeting that Tesla was “definitely going to need to rethink production planning”. The car is expected to be released at the end of this year with first deliveries anticipated to be made by late 2017.

Currently the car can be pre-ordered in dozens of countries, including Brazil, the UK, China, Republic of Ireland, India and New Zealand. To secure a pre-order a deposit of  $1,000 needs to be made. The basic model 3 will start costing around  $35,000 and is expected to have a range of at least 215 miles per each electric charge.

The  latest car could well be make or break for Tesla, who is facing stiff competition from other electric cars, including General Motors’ Chevy Bolt and BYD’s Qin EV30, all of which are in a similar price band and distance range as the Model 3.
Last year, Tesla posted a net loss of $889m, partly due to $718m being spent on research and development. This left Tesla with cash reserves of $1.2bn,  a fall from the $1.9bn recorded just a year earlier.

The following two tabs change content below.

Daniel Simmons