2018 Tesla Model 3 Reservations Exceed 325,000 | Edmunds

2018 Tesla Model 3 Reservations Exceed 325,000

PALO ALTO, California — Just a week after it was introduced to car shoppers, reservations for the 2018 Tesla Model 3 affordable electric car hit 325,000, Tesla Motors said.

"A huge step towards a more sustainable future," the company said in a Twitter post on Thursday.

The Model 3 will be priced at $35,000 when it arrives at Tesla stores late next year. The mainstream Tesla model targets the BMW i3, Chevrolet Bolt EV and Nissan Leaf.

Tesla CEO Elon Musk tweeted "Over 325k cars or ~$14B in preorders in first week. Only 5 percent ordered max of two, suggesting low levels of speculation."

Orders for the car require a refundable $1,000 deposit.

Eager consumers have waited in long lines for the Tesla Model 3.

Tesla said it received over 180,000 reservations for the Model 3 in the first 24 hours, "setting the record for the highest single-day sales of any product of any kind ever in world history."

"This has to be a first for the automotive industry: lines of people waiting to place an order for a car that won't be available for over a year," said Jessica Caldwell, Edmunds.com director of industry analysis. "This is the type of buzz that you see with Star Wars movies or new iPhones or even cronuts. And it's not just in Silicon Valley or L.A.; this is a phenomenon we're seeing across the country. If there's ever been any evidence that Tesla is primed to make the leap to mainstream car buyers, this is it."

Musk has been revealing tidbits about the Model 3 in a stream of Twitter posts, including confirmation that a "vegan interior will be an option."

Tesla said consumer test drives of the Model 3 will be offered "once we begin production at the end of 2017."

It also asked consumers who have reserved the Model 3 to exercise patience when it comes to receiving confirmation e-mails.

"We have received an extraordinary number of reservations for Model 3. We aim to send your confirmation e-mail out within 24-48 hours of reserving. If it's been more than 48 hours, please check your spam and junk folders for an e-mail from Tesla communications."

Edmunds says: So far, the Model 3 is more than living up to the hype.

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