Tesla CEO Elon Musk confirmed tonight that the automaker has now over 232,000 reservations for its newly unveiled Model 3:

Musk has been updating the public on the Model 3 reservations tally which has blown past the most optimistic predictions.

Around 100,000 people reserved the car with a $1,000 refundable deposit before even seeing the car. At the event of the unveiling event last night, Tesla had over 150,000. Musk later said he was surprised by the rate at which reservations have kept coming in throughout the day- to now 232,000.

The CEO expects an average sales price of ~$42,000 per vehicle which would add up to almost $10 billion in backlog with a perfect reservation to order conversion rate. At its current estimated production rate of ~80,000 cars per year, it would take Tesla about 3 years to get through this backlog.

Musk said that Tesla is going to need to rethink production planning:

In a press release after the unveil, Tesla wrote that it should start Model 3 production in late-2017 and ramp up to ~500,000 units by 2020.

Interestingly, a Model 3 prototype was spotted in Marina Del Rey for a photoshoot or promo video. It’s likely the first instance of the vehicle being spotted in the wild:

Full album on Reddit by MichaelAmbrosi

For pictures from the unveiling event and everything we know about the vehicle, you can visit our summary here.

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