Tesla accelerates to 325,000 deposits for Model 3, equalling $14bn in future sales

8 Apr 2016629 Views

Tesla says the demand for the new Model 3 makes it the single biggest launch weekend for any product in history

Some 325,000 Tesla enthusiasts have laid down deposits of $1,000 each for the affordable new Model 3, which corresponds to €12.3bn ($14bn) in future sales for Elon Musk’s company.

The news comes just a week after the Model 3 was unveiled, to much fanfare.

The affordable Model 3 can carry up to five adults. It has a range of 215 miles on a single charge and can go from zero to 60mph in less than six seconds.

Within 24 hours of the Model 3 being revealed, some 232,000 people forked out deposits of $1,000 apiece just to get a place in the line.

‘We’ve now received more than 325,000 reservations, which corresponds to about $14bn in implied future sales, making this the single biggest one-week launch of any product ever’
– TESLA

The big concern now is whether Tesla can deliver on its promise of having the first cars roll off the assembly line and onto the streets by 2017.

Deliveries of the Model X SUV have been hampered by slow production due to component shortages.

Last year, Tesla delivered only 50,000 of its higher-priced Model S and Model X vehicles.

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Tesla itself seems unconcerned and said it is focusing on increasing its Model 3 production plans.

Tesla Model 3 a grassroots marketing success

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“We’ve now received more than 325,000 reservations, which corresponds to about $14bn in implied future sales, making this the single biggest one-week launch of any product ever,” the company said.

“This interest has spread completely organically. Unlike other major product launches, we haven’t advertised or paid for any endorsements.

“Instead, this has been a true grassroots effort driven by the passion of the Tesla team that’s worked so hard to get to this point and our current and future customers who believe so strongly in what we are trying to achieve. Most importantly, we are all taking a huge step towards a better future by accelerating the transition to sustainable transportation.”

John Kennedy is a journalist who served as editor of Silicon Republic for 17 years

editorial@siliconrepublic.com