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Tesla Model 3 Reached 400,000 Preorders

Tesla CEO Elon Musk revealed this morning that the company has received almost 400,000 preorders for its new Model 3 sedan. Musk unveiled the Model 3 earlier this month to much interest, and 325,000 preorders after just a week. "We are now almost at 400,000 orders for the Model 3," Musk told a Norwegian conference this morning, according to Reuters. Interest in the Model 3 has been impressive, and "surprised even us" said Musk.

Hundreds of Tesla fans lined up outside dealerships before the car was even officially unveiled, and Tesla received more than twice the Model 3 preorders it expected. Tesla's Model 3 is set for release in 2017, priced starting at $35,000 with at least 215 miles of range. The huge amount of preorders could cause availability issues next year, and Musk also expects the Model 3 to reach 500,000 preorders before more details about the car are revealed later this year.

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Bhakti Dua covers Technology and Automotive industry.

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