Advance orders for Tesla Model 3 electric car accelerate to 276,000

Tesla founder and chief executive Elon Musk says preorders of the firm’s much anticipated Model 3 electric car currently total 276,000.

Tesla founder and chief executive Elon Musk says preorders of the firm's much anticipated Model 3 electric car currently total 276,000.The California based firm has unveiled the five seater car – its lowest-cost vehicle to date. Mr Musk tweeted the total reflected the orders received.

Pre-orders of the Model 3 will not necessarily all translate into actual sales when the car is released, with first deliveries in late 2017.

It can be ordered in advance in dozens of countries, including the UK, Republic of Ireland, Brazil, India, China and New Zealand.

Potential car owners need to put down $1,000 deposits to reserve their vehicles.

Such has been the interest that Mr Musk tweeted the company was “definitely going to need to rethink production planning”.
Mr Musk has said his goal is to produce about 500,000 vehicles a year once production is at full capacity.

The basic model will start at $35,000 (£24,423) and have a range of at least 215 miles per charge.

Tesla delivered 50,580 vehicles last year. Most of those were its Model S saloon, which overtook Nissan’s Leaf to become the world’s best selling pure electric vehicle.

But the firm still posted a net loss of £620 million for 2015, partly because it spent £478 million on research and development over the period.  A significant proportion of that spend was on electric battery technology to enable longer life and durability.

It left Tesla with cash reserves of £800 million, down from £1.28 billion a year earlier.

The company is facing competition from other electric cars with a similar price and range that will become available first, including General Motors’ Chevy Bolt and BYD’s Qin EV300.

Accelerating Sustainable Transport is Tesla’s description of the Model 3.

The Model 3 combines real world range, performance, safety and spaciousness into a premium sedan that only Tesla can build. Our most affordable car yet, Model 3 achieves 215 miles of range per charge while starting at only $35,000 before incentives. Model 3 is designed to attain the highest safety ratings in every category.

August 8, 2016  Tags: , , , , ,   Posted in: Business Win, Global Business, Green Businesses, Growing Business, Growing Sales, Technological Businesses, Uncategorized, Winning Business

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