“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!”
During Thursday night’s unveiling of the Model 3 — Tesla’s fourth car after the Roadster, Model S, and Model X — Musk announced that 115,000 Model 3s had been reserved.
Musk did some quick math on Friday to land at his $7.5 billion figure, assuming that nobody backs out on their reservation — maybe they got swept up in the hype yesterday and put a grand on their American Express during a surprisingly brief reservation process. But if they want to back out, they totally can.
Here’s the Tesla Reservation Agreement fine print:
The Reservation Payment is fully refundable at any time (for example, if you choose to cancel or abandon your reservation, or if we decline to maintain you as a reservation holder). This Agreement does not constitute an agreement for the sale of a Model 3 and does not lock in pricing, a production slot, or an estimated delivery date. You are under no obligation to purchase a Model 3 from us, and we are under no obligation to sell you a vehicle. If and when we notify you that it is time to place your order for Model 3 and you wish to proceed with the purchase of a Model 3, such sale and purchase will be governed by a separate and legally binding Purchase Agreement between you and an authorized Tesla dealer.
While there’s been a lot of buzz around Tesla’s massive Gigafactory in Nevada, it’s going to produce batteris only. The Model 3, like the X and the S, will be assembled at Tesla’s Fremont factory with a projected delivery target for the end of 2017.
Musk’s certainly caught up in the Model 3 froth, he even changed his Twitter avatar on Friday — previously it was a photo of Musk holding a violin — to the Model 3’s logo, three glowing horizontal lines.