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Tesla Motors ( TSLA ) tallies more than 325,000 Model 3 reservations in the first week that preorders for the electric car have been open worldwide. The company tweeted the update Thursday morning and said in a blog post that it would be “increasing Model 3 production plans.” Tesla stock was down more than 2%, near 260, in early-afternoon trading on the stock market today . The early reservations pace has run far higher than analysts and Tesla expected. Tesla stock now gets a 72 Composite Rating from IBD out of a possible 99, and this week has been trading at its highest price since September. Shares rose 3.9% on Wednesday, to 265.42, marking a fourth day straight of better-than-3% gains. Analysts surveyed by Thomson Reuters on average are mildly positive on Tesla stock. Of 21 polled, nine call it a buy or strong buy, five a hold and seven an underperform. At $1,000 each, the first week’s Model 3 reservations bring in $325 million for the California startup, which will have to ramp up production dramatically to get all those cars delivered. The reservations reflect eventual potential sales of $14 billion worth of Model 3 cars if all who’ve reserved follow through with a purchase. A huge step towards a more sustainable future: 325,000 and counting https://t.co/XKlywcYhp8 #Model3 pic.twitter.com/a367jCJgaK — Tesla Motors (@TeslaMotors) April 7, 2016 “A week ago, we started taking reservations for Model 3, and the excitement has been incredible. We’ve now received more than 325,000 reservations, which corresponds to about $14 billion in implied future sales, making this the single biggest one-week launch of any product ever,” Tesla said in its blog post, titled “The Week That Electric Vehicles Went Mainstream.” CEO Elon Musk has estimated buyer spending would likely be an average price of $42,000. (Analysts expect that because the deposits are refundable and just $1,000, not everyone who’s reserved will pony up and actually purchase, though others will be joining the line.) Will give an update tonight for the 3 day total, then last one on Wed for the full week. All efforts focused on accelerating the ramp. — Elon Musk (@elonmusk) April 2, 2016 The Model 3 is slated to start deliveries in late 2017. Musk has been tracking the Model 3 reservations inflow on Twitter ( TWTR ), from 180,000 in the first 24 hours to 276,000 by the end of Saturday. Tesla debuted the $35,000-base-price car last Thursday night at a launch party at the Tesla design studio in Los Angeles, where IBD tried a ride in the Model 3 . It’s a mass-market vehicle expected to compete with gas-powered cars like BMW’s 3 Series and similarly priced ones from Volkswagen ’s ( VLKAY ) Audi, Daimler ’s ( DDAIF ) Mercedes-Benz and Toyota ’s ( TM ) Lexus, as well as electrics like General Motors ‘ ( GM ) Chevrolet Bolt. While Tesla expects to be able to build up to half a million cars annually by 2020, it hit a speed bump in the first quarter and delivered fewer vehicles than expected — 12,420 — after supplier parts shortages for its latest Model X crossover. Tesla partly blamed its own “hubris” in adding too much technology to the vehicle too early. This Is What It’s Like To Ride In A Tesla Model 3 Scalper1 News
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