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Monday, 4 April 2016

Tesla swamped with 276,000 Model 3 orders in 3 days.

The Model 3 is scheduled to start shipping in 18 months, though by the end of the first week Tesla may well have over 300,000 orders that it will struggle to fulfill. Musk says he expected 1/4 to 1/2 of that.
"Elon Musk answers question on Twitter as $11.6 billion worth of orders pour in."
Tesla CEO Elon Musk admitted over the weekend the company had underestimated demand for the new Model 3 sedan: 276,000 orders were received by Saturday. Long lines formed outside Tesla store locations, with EV fans plopping down $1,000 to reserve Tesla's latest and most affordable model.
"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!" - Musk tweeted at the end of the first day.
By the end of the day on Saturday, the pre-order count reached 276,000. Based on Musk's estimate of a $42,000 average transaction price with a few popular options, the number of reservations roughly equate to an $11.6 billion backlog. Musk said he would give the full-week order count Wednesday, April 6.
Musk himself seemed surprised by the pace of orders: "Thought maybe 20-30 people per store would line up, not 800," he tweeted. "Gifts on order."
Over the busy weekend the CEO dropped a few more details about the upcoming sedan in an impromptu Twitter question and answer session.
Musk indicated that the Model 3 will be rear-wheel drive, with a dual-motor all-wheel drive setup being optional. He also said that the sedan will fit two child seats in the back, and will also have a tow hitch as an option.
When asked by a Twitter user why the company opted for a small trunk lid over a large rear hatch, Musk responded that the"only way to get enough rear passenger headroom was to move the rear roof cross-car support beam. A bike will still fit no problem."
The Tesla CEO also indicated the company will need a factory in Europe in the long-term, once the Fremont, CA plant reaches maximum capacity.
"Musk answered some questions from Twitter users over the weekend about the Model 3 and its design."
Analysts have noted the company will likely need more than just the Fremont plant to fulfill the orders received so far, though Musk has not given specifics on future production. "Definitely going to need to rethink production planning..." Musk tweeted on the first day of orders.
The CEO also promised "an extra gift for those who stood in some crazy long lines."
Tesla is currently taking deposits of $1,000 for the new car, which will have a starting price of $35,000 before state and federal credits.
Source: autoweek


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