More than 325,000 reservations were made in the first week for the highly anticipated Model 3 sedan, according to Tesla Motors Inc.
The Palo Alto, California-based electric car manufacturer announced the total Thursday morning, a week after thousands lined up at Tesla stores to place $1,000 fully refundable deposits on the $35,000-plus electric car prior to its global debut that night.
“A week ago, we started taking reservations for Model 3, and the excitement has been incredible,” the company wrote in a Thursday blog post at TeslaMotors.com. “This interest has spread completely organically. Unlike other major product launches, we haven’t advertised or paid for any endorsements.”
Tesla said the reservations correspond to about $14 billion in “implied future sales.” However, according to the company’s reservation agreement, the reservation does not constitute the purchase or order of a car.
Reserving a Model 3, Tesla CEO Elon Musk previously tweeted, gives customers priority in their geographic region. So even though total count is high, “ordering early will make a big difference locally.”
The one-week reservation total follows the company announcing 276,000 cars were reserved during the first three days of pre-ordering opening.
The Model 3 marks Tesla’s first foray into the mainstream market. Its current vehicles — the $70,000-plus Model S luxury sedan and $80,000-$144,000 Model X SUV — were both delayed by the company.
The all-electric sedan will start at $35,000 before federal and state incentives. Tesla says the car will have a range of 215 miles per charge and accelerate from 0 to 60 miles per hour in less than six seconds.
The Model 3’s performance and price is comparable to General Motors Co.’s upcoming all-electric Chevrolet Bolt, which is expected to go into production by year’s end — roughly a year ahead of the Model 3.
However Tesla continues to face several hurdles ahead of the car beginning production, including restrictions on where it can open stores to sell its cars. Several states, including Michigan, have outlawed its direct-sales model.
In October, Tesla applied for licenses to sell and service its electric vehicles in Michigan, even though Gov. Rick Snyder signed legislation in late 2014 that bans the company’s business model of directly selling cars to customers.
Michigan Secretary of State spokesman Fred Woodhams on Monday told The Detroit News that the applications remain under review while the state requests additional information.