Date
21 January 2017
Tesla's Model 3 won't be available until late next year. Photo: Tesla
Tesla's Model 3 won't be available until late next year. Photo: Tesla

Tesla gets more than 325,000 reservations for new Model 3

Electric car maker Tesla Inc. said it had received more than 325,000 orders for its new Model 3 sedan in the first week of bookings, Reuters reported.

The reservations, which can be made by paying a refundable deposit of US$1,000, correspond to about US$14 billion in implied future sales, the company said Thursday. 

There is, however, no certainty that Tesla would be able to convert all its orders into sales, as many orders could be canceled.

The orders for the Model 3, Tesla’s first mass-market car, which will sell at an average price of US$42,000, are “very positive” and reflect tremendous enthusiasm for the car, analysts said.

Tesla’s stock had risen about 16 percent since the company started taking orders for the Model 3, which is expected to be launched in late 2017.

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