cars news 10: Tesla Model 3 Reservations Approach 200,000

It has been mere hours since Tesla unveiled its entry-level Model 3 sedan, and the company has already received more than 198,000 orders. Elon Musk took to Twitter this morning to update the public on Tesla Model 3 reservations, including how much money customers are plunking down on the cars.

While online orders began at 7:30 p.m. PST last night, consumers were able to head to Tesla stores earlier to reserve their cars. As we reported, people waited days in line to place an order at these stores, before they even knew what the car would look like. In the U.S., it’ll cost you $1,000 just to reserve a Tesla Model 3. According to tweets from Musk, the average transaction price of a Model 3 is projected to be around $42,000 with options. According to Musk, that translates to roughly $7.5 billion in one day.

Model 3 orders at 180,000 in 24 hours. Selling price w avg option mix prob $42k, so ~$7.5B in a day. Future of electric cars looking bright!

— Elon Musk (@elonmusk) April 1, 2016

Thought it would slow way down today, but Model 3 order count is now at 198k. Recommend ordering soon, as the wait time is growing rapidly.

— Elon Musk (@elonmusk) April 1, 2016

Definitely going to need to rethink production planning…

— Elon Musk (@elonmusk) April 1, 2016

The Model 3 heads into production in late 2017. Tesla promises a range of at least 215 miles, and a 0-60 mph time of under 6 seconds. Certain versions will be able to hit that speed much faster, likely when equipped with dual-motor all-wheel drive. All Model 3s will have Autopilot hardware, and Musk is targeting a 5-star crash rating in all categories. Tesla says its Fremont factory can produce as many as 500,000 vehicles a year, which is good considering it now has nearly 200,000 orders to fill. To put that in perspective, Model S sales crested 100,000 units in December 2015 — three and a half years after the car first began deliveries.

Source: Elon Musk via Twitter