Just last week, Elon Musk took to the stage to unveil the new Tesla Model 3. This new model is Tesla’s first mass-market car and a lot of people have been waiting to see what they would come up with.
As in previous instances, Tesla did not disappoint in design or features. As far as delivery dates, some might have been disappointed but pre-orders seem to tell a different story.
It’s pre-orders that bring me to the topic of crowdfunding…
Model 3 orders at 180,000 in 24 hours. Selling price w avg option mix prob $42k, so ~$7.5B in a day. Future of electric cars looking bright!
— Elon Musk (@elonmusk) April 1, 2016
What you see above is a tweet by Tesla’s CEO. He estimated that in the first 24 hours of pre-sales, Tesla had received approximately 7.5 billion dollars worth of orders. At that time, reservations were at 180.000. Since then the number has been updated to 276.000.
If you use the same average sales price of $42.000, used by Mr. Musk, you will get a staggering 11.5 billion dollars in sales. (For a product that no one will get their hands on before late 2017.) This is predictable revenue of a significant size, not to mention the 276 million dollars in deposits which were taken in as each reservation requires a 1000 dollar commitment.
Tesla cars have gathered quite a following due to their design, quality and sustainability appeal. This, along with Elon Musks other endeavors such as the space exploration company Space X, have managed to attract the attention of a lot of people.
This week Elon Musk has shown us that he can make good use of this attention, as well as the reputation of Tesla’s cars, in a very effective way to help ensure the financial success of the company. While every other car maker in world is busy trying to judge or simply guess future demand, Tesla has hard numbers and the financial commitment of hundreds of thousands of its customers.
As Elon Musk says… The future of electric cars does indeed seem to be looking bright.