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In just 36 hours: Tesla's Model 3 sedan bags orders of $10.6 bn for 253,000 vehicles
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In just 36 hours: Tesla's Model 3 sedan bags orders of $10.6 bn for 253,000 vehicles

reuters • April 4, 2016, 07:43:42 IST
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Tesla’s Model 3, which is slated to go into production in late 2017, will sell at an average price of $42,000

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In just 36 hours: Tesla's Model 3 sedan bags orders of $10.6 bn for 253,000 vehicles

Tesla Motors Inc said orders for its new Model 3 electric sedan topped 253,000 in the first 36 hours – a fast start for the company’s first mass-market vehicle, which may not begin to reach customers for another 18 months or more.

![Reuters](https://images.firstpost.com/wp-content/uploads/2016/04/TeslaMotors_Reuters1.jpg)

Tesla Chief Executive Elon Musk tweeted on Friday that the Model 3, which is slated to go into production in late 2017, will sell at an average price of $42,000, including the price of options and additional features, which would give the initial flurry of orders an estimated retail value of $10.6 billion.

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That intense interest, fanned in part by a steady stream of tweets by Musk, could help boost Tesla’s stock price, which closed Friday at $237.59, up 3.4 percent. The stock has soared more than 60 percent since hitting a 12-month low in February.

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The car’s average selling price projected by Musk is well above the $35,000 base price. Analysts earlier had estimated the first Model 3s off the factory line in Fremont, California, could be loaded with extra equipment and sell for $50,000 to$60,000.

Tesla has undertaken a costly expansion of the Fremont plant, aiming to boost annual capacity to 500,000 by 2020, with production of the Model 3, the company’s first mass-market car, ramping up slowly through 2019.

Some analysts said the company could have trouble filling all the initial Model 3 orders, which are accompanied by a refundable $1,000 deposit, until 2020.

Barclays analyst Brian Johnson on Friday said the heavy influx of Model 3 orders “sets the stage for an equity offering” later this year by Tesla, much of which would go toward factory construction and product development.

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Johnson had estimated Tesla could take 250,000-300,000 orders for the car by the end of June.

Musk unveiled a prototype of the Model 3, a smaller companion to the Model S sedan and Model X utility vehicle, amid considerable fanfare on Thursday night.

Some prospective buyers who placed early orders may have anticipated paying a lower price for the Model 3 after factoring in a $7,500 federal tax credit on electric cars. But that credit begins to phase out once manufacturers sell more than 200,000 EVs - a mark that Tesla, at its current sales pace, is likely to surpass next year before the first Model 3 is delivered.

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