Tesla Model 3 tops 325k pre-orders in seven days

Tesla confirmed that it has received more than 325k pre-orders for its first affordably-priced sedan, the Model 3. At an average cost of $42k per unit after various options are priced in, that equated to nearly $14bn in sales in just one week. Tesla claims that this makes “the single biggest one-week launch of any product ever.” It is worth remembering that the $1k reservation price is not a confirmed order, but secures priority within the buyer’s region. Once the vehicles are in production (currently projected for 2017) Tesla will ask buyers to configure the Model 3, create an order for the vehicle and send a Purchase Agreement indicating the purchase price of the vehicle, plus estimates of any applicable taxes, duties, transport and delivery charges, and any other applicable fees. The reservation is refundable if the prospective buyer decides not to proceed. Tesla’s biggest challenge now will be filling all these orders, for context, the company delivered just 50k vehicles in total in 2015.

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Electric car company Tesla Motors has announced it has received 325,000 orders for its upcoming Model 3 in a single week.

Pre-orders opened straight after the car's unveiling, which happened at a glitzy Los Angeles event on 31 March.

The number of orders broke the 100,000 mark just hours after the event, and sailed past 250,000 by 3 April.

Recommended Read more Tesla Model 3 unveiled by Elon Musk at glitzy Los Angeles event

Now, after a week, 325,000 reservations have been made, which represents around $14 billion (£9.9 billion) in future sales.

According to Tesla, this enormous figure makes the Model 3's release "the single biggest one-week launch of any product ever."

The amount of interest in the Model 3, Tesla's first truly affordable car, is even more impressive considering each customer had to put down a $1,000 deposit before making their order.

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In a statement, Tesla said: "We are all taking a huge step towards a better future by accelerating the transition to sustainable transportation."

The company thanked the people who pre-ordered and their past customers, and said: "We would write more, but we need to get back to increasing our Model 3 production plans!"

Elon Musk, founder and CEO of Tesla, has said that the company will be able to produce 500,000 Model 3s a year when running at full capacity.

However, it'll take some time to ramp up production to that level, and many people are expecting customers will have to wait until well after the proposed late 2017 launch date to receive their cars.