Tesla Jumps as Reservations for Model 3 Top Quarter-Million
- Musk said 276,000 orders were placed through Saturday evening
- Pre-orders infuse Tesla with more cash than the June 2010 IPO
The Tesla Model 3.
Photographer: Tesla via EPAThis article is for subscribers only.
Tesla Motors Inc. jumped to a six-month high after pre-orders for its new Model 3 topped a quarter-million, blowing through billionaire founder Elon Musk’s own target as he seeks to break into the mass market for electric vehicles.
Musk, the company’s chief executive, said on Twitter over the weekend that orders for Model 3, which has a base price of $35,000 before a federal tax credit or state incentives, had reached 276,000, as much as four times his expectations. If pre-orders were to all convert to actual sales, it would represent a backlog of more than $11 billion. Musk said over the weekend that the average sale price, with options, is likely closer to $42,000.