Tesla confirmed having received more than 325,000 Model 3 reservations a week after opening the process to the public. The automaker claims that it corresponds to about $14 billion in implied future sales.
The company is calculating “implied future sales” on an estimated average sale price of $42,000 after options and by assuming that everyone who placed a deposit will convert it to an order, which adds up to $13.6 billion.
The company confirmed the news in a blog post this morning:
The Week that Electric Vehicles Went Mainstream
April 7, 2016
A week ago, we started taking reservations for Model 3, and the excitement has been incredible. We’ve now received more than 325,000 reservations, which corresponds to about $14 billion in implied future sales, making this the single biggest one-week launch of any product ever. 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.
We want to thank everyone who has shown their faith in Tesla and the mission of electric vehicles. We would write more, but we need to get back to increasing our Model 3 production plans!
In an email sent out last night, Tesla confirmed increasing its production plans to minimize the wait for Model 3.
Tesla’s multi-step reservation process was undeniably very successful. It started with Tesla and SpaceX employees, followed by in-store reservations, which created long queues at Tesla’s retail locations, and finally online reservations just an hour before the unveiling, Tesla finally launched the Model 3.
A huge step indeed. As we reported earlier this morning, even though Tesla probably won’t deliver a single Model 3 for another 18 months, it is already disrupting the industry. Yesterday, Daimler shareholders have expressed concerns over the impact of the vehicle following its unveiling.
Update: Musk commented on the new 325,000 figure:
Over 325k cars or ~$14B in preorders in first week. Only 5% ordered max of two, suggesting low levels of speculation.— Elon Musk (@elonmusk) April 7, 2016