It’s no secret; the newly revealed Tesla Model 3 is a big hit, and Tesla has the numbers to prove it.
According to Tesla founder and Chief Executive Officer Elon Musk, the company has managed to secure as much as 180,000 orders for its new Model 3 car in just 24 hours following its grand unveiling event at the Tesla Design Studio in Hawthorne, California last Thursday.
For Musk, that immediately means sales amounting to $7.5 billion with an expected average selling price of $42,000. But it seems that the estimate is still conservative, considering what happened to Model 3 orders in the days following the big reveal.
In fact, the following day, that number went up to 198,000. And the next day, Musk said that the orders for the Model 3 have already gone up to 253,000, and it was only seven in the morning. By the end of Saturday, the number had gone up again to 276,000. It seems that Tesla is set to earn a lot more than $7 billion from the Model 3 should orders go through.
As a token of appreciation for those who joined the queue to put in their orders, Musk said he’s ordering some gifts. For one thing, the Tesla founder said he was only expecting about 20 to 30 people per store to line up. He never thought there would be 800. And to further introduce to everyone the beauty of the new Model 3, Musk also decided to release sketches of its newest car via Twitter.
Meanwhile, analysts are now pointing out that the unexpected surge in demand for the Model 3 may mean that Tesla would have to start looking for more cash. According to a recent report from Reuters, analysts are pointing out that raising more cash may be necessary if Tesla is able to deliver Model 3 cars to its customers on time.
Analysts believed that the additional cash will be needed to for Tesla’s new factories in the U.S. as well as to boost product development. As of the moment, Tesla’s stock is up by 3.403 percent or $7.82 to $237.59.