Tesla Model 3 Orders Reach 325K or $14B in Future Sales Says Tesla Motors

Tesla Model 3 Red

Tesla Motors (NASDAQ:TSLA) announced that the order for its Tesla Model 3 electric vehicle reached more than 325,000 since it started taking reservations on Thursday, March 31.

Last Saturday, Tesla CEO Elon Musk tweeted that the company had 276,000 orders for the Model 3, which was intended for the mass market and considered critical for the company’s success.

Biggest one-week launch of any product

Today, Tesla said the 325,000 orders for its new electric car the Tesla Model 3 represents to around $14 billion in implied future sales—the biggest one-week launch of any product ever.

According to the electric car manufacturer, the interest for the Model 3 “spread completely organically” since it did not advertise or pay any endorsement unlike other major product launches.

“This has been a true grassroots effort driven by the passion of the Tesla team that’s worked so hard to get to this point and our current and future customers who believe so strongly in what we are trying to achieve. Most importantly, we are all taking a huge step towards a better future by accelerating the transition to sustainable transportation,” said Tesla in a statement.

The company also indicated its intention to increase its production plans for the Model 3.

Tesla Model 3 is a good competition

Nissan Motor Co. Ltd. (OTCMKTS:NSANY) CEO Carlos Ghosn recently indicated that he doesn’t feel threatened by strong demand for the Model 3. In fact, he considered it a “good competition” and a “good sign” for the electric vehicle market.

“The fact that so many people are willing to pay a down payment to get this car which becomes available at the end of 2017 is a good sign. Finally, good competition for EVs is picking up,” said Ghosn in an interview with Automotive News.

Customers ordered the Tesla Model 3 with a $1,000 down payment, which is fully refundable until 2010.

At present, Nissan’s Leaf is the best-selling electric car. The Japanese automaker sold 211,000 Leaf since its launching in 2010. Ghosn welcomes competition because he believes it can expand the market and stimulate demand.