Model 3 demand so strong Tesla may need another factory
Predictably there is a lots of Model 3 news today: as we reported yesterday, pre-orders for Tesla’s new offering achieved 276k within three days of launching, and CEO Elon Musk has now stated that his firm may need to open another factory to cope with the demand. However, the LA Times last night reported that Tesla fans should “take a deep breath”, reminding them that the Model 3 “doesn’t exist yet” and that it is still too early to proclaim the Model 3 a triumph. In a much more pro-Tesla report, Business Insider worked out that 180k pre-orders equates to $7.5bn in future sales, achieved in just 24 hours, with very little money spent on marketing compared to most automakers. Green Car Reports estimates that if the trajectory of orders continues as it did over the weekend, the number could easily have passed 300k by now, and even if only half of those orders equate to an actual sale, 150k Model 3s would amount to more plug-in electric cars than General Motors, Toyota, Ford, BMW, or VW Group has sold in more than five years. Auto Guide points out that such strong pre-orders will probably mean that some customers will not take delivery of their Model 3 until 2020, and various reports ponder that because of these delays, many American buyers may not actually receive their vehicle in time to take advantage of the current $7.5k federal tax credit for purchasing an electric car.

It's been almost four days since Tesla unveiled its Model 3 electric car, and pre-orders have not stopped.

Tesla CEO Elon Musk said he would announce Model 3 pre-orders after 24 hours, 72 hours, and the first week of availability. After that, Tesla will mostly keep those numbers internal. But for now, it's interesting to see the trajectory of Model 3 pre-orders.

Based on these figures, which Musk announced during the Model 3 event ("Day 0" on this chart) as well as 24 and 72 hours after pre-orders went live (via Twitter), it looks like Model 3 pre-orders haven't slowed down too much since last Thursday. This trajectory can only bode well for Tesla and its investors as the company looks to tweak and refine the Model 3's design before it begins production later next year.

Dave Smith/Tech Insider

If Tesla actually sells all the cars people have pre-ordered, it would make about $10.6 billion off these three-day figures alone (based off the $42,000 average selling price of the Model 3). That said, it's unlikely 100% of pre-order customers will keep their orders over this two-year waiting period before the car starts shipping.

We look forward to seeing the full week total of Model 3 pre-orders on Thursday.