Tesla Motors has now received 325,000 reservations for the new Model 3, corresponding to about $14 billion in implied future sales.
Tesla also notes that the interest has spread completely organically. Unlike other major product launches, Tesla did not need to advertise. The company said that it was 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, the company added, we are all taking a huge step towards a better future by accelerating the transition to sustainable transportation.
The reservation is not an order. The reservation is refundable if the prospective buyer decides not to proceed. Model 3 reservations secure the approximate priority within the buyer’s region for taking delivery of the desired Model 3. The reservation ($1,000) is effective when it is placed, and when Tesla receives payment.
The Model 3 has a base price of $35,000 before a federal tax credit or state incentives. The $7,500 federal credit begins to phase out for a manufacturer’s vehicles when at least 200,000 are sold in the U.S. Tesla has said that when production begins, Model 3 deliveries will begin on the West Coast and move East before starting in markets outside the U.S.
Tesla said Monday that it delivered 14,820 Model S cars and Model X sport utility vehicles in the first quarter. The company reaffirmed plans to deliver 80,000 to 90,000 vehicles this year.