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Tesla’s Model 3 Rounded Up $10 Billion In 36 Hours

Tesla’s immense popularity has seen it elevated to levels that other carmaker’s truly envy. It’s recent announcement that it was taking orders for its new Model 3 electric sedan is the proof in the pudding. The company reported 253,000 preorders in just the first 36 hours, helping it secure standing as the newest mass market vehicle maker. Those who have preordered the car have been informed that delivery can take as many as 18 months or longer.

Tesla Chief Executive Elon Musk said that the average Model 3 will retail for about $42,000, which includes all features and options (certain add-ons can increase the price to $55,000 and up). Given that number, estimates put the preorder total value somewhere in the ballpark of $10.6 billion. The result saw Tesla’s stock climb over 3%; the stock has improved by more than 50% since February.

To meet order demands, Tesla is expanding its Fremont based manufacturing plant. The goal is to produce 500,000 vehicles per year by 2020.

Those who placed preorders made $1,000 deposits. But some may not get to see their new car until 2020 due to the immense demand.

Experts have estimated that as many as 300,000 orders for the Model 3 could be received by the end of this year.

New buyers are eligible for a $7,500 federal tax credit on electric cars like the Model 3, making it even more attractive.

While there is no solid statistics on the most car preorders to ever occur from a manufacturer prelease, it’s pretty safe to say that Tesla likely owns the record.

Until the Model 3 was announced, Tesla was better known for cars like the Model S, which carries a far heftier price tag.

Revolutionary in their own kind, Tesla has boasted some of the finest electric cars to ever be made. They bring stylishness and sportiness to the arena while offering an eclectic array of luxurious amenities and appointments only found on the finest of automobiles.

The 300-ish mile range is also impeccable, and stacks right up there with the range of any gas car per tank fill.

But the one area where Tesla has been lacking is in pricing. Right now they are known as a luxury vehicle maker. But by the year 2020, they will be known as a mass vehicle maker that also lauds a luxury vehicle lineup.

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