Update: This post has been updated with a new total for Model 3 pre-orders.

Tesla Motors [NSDQ:TSLA] CEO Elon Musk confirmed that as of Wednesday night pre-orders for the new Model 3 electric sedan totaled 325,000, a figure reached in just one week.

He said this was well beyond Tesla’s expectations, explaining that it was multiple times higher than the company had predicted, at least for this initial reveal. Musk said some exciting news was planned for a second reveal prior to the start of Model 3 production late in 2017, possibly in regards to new tech features.

DON’T MISS: Tesla Model 3 first ride

Tesla started taking pre-orders for the Model 3 on March 31, with many of the orders coming even before the car was shown. The pre-order requires a deposit, which in the United States is $1,000, and isn’t binding so it’s likely we’ll see some cancellations by the time the rest of the payment for the Model 3 is due.

Tesla Model 3

Tesla Model 3

Nevertheless, the sheer volume shows that there’s high demand for electric cars among mainstream buyers, especially when there’s a Tesla badge attached. The huge numbers also represent significant injections of cash into Tesla’s coffers. At $1,000 per pre-order, Tesla now has almost a third of a billion dollars more in the bank (the amount is actually higher as the deposits in some markets work out to be more than $1,000).

Interestingly, Musk also revealed that the average Model 3 price with options people are ordering was around $42,000. He has also since confirmed that rear-wheel drive will be standard but dual-motor all-wheel drive will be available. The starting price for the car is $35,000 before incentives.

As previously reported, the Model 3 will offer at least 215 miles of range, as measured by the EPA, and in base form will be capable of 0-60 mph acceleration in less than 6.0 seconds. It has been designed to seat five adults comfortably and features a dash devoid of controls apart from a 15-inch floating touchscreen in the center.


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