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Elon Musk: Tesla Model 3 orders hit $14 billion in one week | VentureBeat | Business | by Harrison Weber
One week after Elon Musk unveiled the Tesla Model 3, the company’s first mass-market car, hundreds of thousands of people have paid $1,000 to reserve the car despite its expected late-2017 launch.
That reservation figure totals to $14 billion (theoretical dollars) in sales, or 325,000 cars, with one big caveat: With only $1,000 down, some — perhaps many — of these orders will inevitably be adjusted or canceled over the next few years. In any event, that’s $325 million paid in preorders to date for a car that basically doesn’t exist yet.
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
For reference, Tesla hit $115 million in theoretical preorders the night of its unveiling, $7.5 billion after a single day, and $10 billion after three days.
Because we’re not talking about true preorders — Tesla fans aren’t putting $35,000 down, so these cars are certainly not yet purchased — it’s important to approach Musk’s announcement with skepticism. That said, these numbers are pretty incredible, according to Green Car Reports’ John Voelcker on Monday: “Not all of those reservations will convert to actual orders, of course. But even if only half of them do, 150,000 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. Only Nissan has sold more (slightly over 200,000 as of last month).”
![Screen-Shot-2016-03-31-at-8.55.18-PM-930x526.png](/proxy.php?image=http%3A%2F%2F1u88jj3r4db2x4txp44yqfj1.wpengine.netdna-cdn.com%2Fwp-content%2Fuploads%2F2016%2F03%2FScreen-Shot-2016-03-31-at-8.55.18-PM-930x526.png&hash=c14f8e07ca04929d0243fdc17da17685)
One week after Elon Musk unveiled the Tesla Model 3, the company’s first mass-market car, hundreds of thousands of people have paid $1,000 to reserve the car despite its expected late-2017 launch.
That reservation figure totals to $14 billion (theoretical dollars) in sales, or 325,000 cars, with one big caveat: With only $1,000 down, some — perhaps many — of these orders will inevitably be adjusted or canceled over the next few years. In any event, that’s $325 million paid in preorders to date for a car that basically doesn’t exist yet.
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
For reference, Tesla hit $115 million in theoretical preorders the night of its unveiling, $7.5 billion after a single day, and $10 billion after three days.
Because we’re not talking about true preorders — Tesla fans aren’t putting $35,000 down, so these cars are certainly not yet purchased — it’s important to approach Musk’s announcement with skepticism. That said, these numbers are pretty incredible, according to Green Car Reports’ John Voelcker on Monday: “Not all of those reservations will convert to actual orders, of course. But even if only half of them do, 150,000 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. Only Nissan has sold more (slightly over 200,000 as of last month).”