tesla model 3 red front
  • Tesla Model 3
  • Image Credit: Sebastian Blanco / Autoblog
Tesla Model 3
  • Tesla Model 3
  • Image Credit: Copyright 2016 Sebastian Blanco / AOL
Tesla Model 3
  • Tesla Model 3
  • Image Credit: Copyright 2016 Sebastian Blanco / AOL
Tesla Model 3
  • Tesla Model 3
  • Image Credit: Copyright 2016 Sebastian Blanco / AOL
Tesla Model 3
  • Tesla Model 3
  • Image Credit: Copyright 2016 Sebastian Blanco / AOL
Tesla Model 3
  • Tesla Model 3
  • Image Credit: Copyright 2016 Sebastian Blanco / AOL
Tesla Model 3
  • Tesla Model 3
  • Image Credit: Copyright 2016 Sebastian Blanco / AOL
Tesla Model 3 interior and touchscreen
  • Tesla Model 3 interior and touchscreen
  • Image Credit: Copyright 2016 Sebastian Blanco / AOL
Tesla Model 3 interior and touchscreen
  • Tesla Model 3 interior and touchscreen
  • Image Credit: Copyright 2016 Sebastian Blanco / AOL
Tesla Model 3 rear lights
  • Tesla Model 3 rear lights
  • Image Credit: Copyright 2016 Sebastian Blanco / AOL
Tesla Model 3 license plate
  • Tesla Model 3 license plate
  • Image Credit: Copyright 2016 Sebastian Blanco / AOL
tesla model 3 black profile
  • Tesla Model 3
  • Image Credit: Tesla Motors
tesla model 3 red and silver above
  • Tesla Model 3
  • Image Credit: Tesla Motors
Tesla Model 3 red above
  • Tesla Model 3
  • Image Credit: Tesla Motors
Tesla Model 3 silver front
  • Tesla Model 3
  • Image Credit: Tesla Motors
Tesla Model 3
  • Tesla Model 3
  • Image Credit: Tesla Motors
Tesla Model 3
  • Tesla Model 3
  • Image Credit: Tesla Motors
Tesla Model 3
  • Tesla Model 3
  • Image Credit: Tesla Motors
Last we heard, Tesla said it had received approximately 400,000 orders for the new Model 3 electric vehicle. Now it appears that number may have been off, albeit not by much. According to Bloomberg, the adjusted total of reservations received comes in at 373,000. This after about 8,000 customers canceled their orders, and the company removed another 4,200 duplicate orders from the list.

The revelation comes from a filing as Tesla seeks to raise $1.4 billion in capital in order to bring the Model 3 to market. The company was expected to seek $1 billion, prompting its stock to rise by 3.2 percent, before falling back by 1.5 percent after the new total cam out. Even with the extra cash on hand, however, it ought to take the company some time to fill all those orders, as Tesla's plan to produce 500,000 cars a year by 2018 is widely considered to be unrealistic.

"If we wanted to, we believe that we could further increase the number of Model 3 reservations with minimal effort," read the company's filing, "but believe it is better to guide customers to purchase products currently in production." The company currently offers the larger Model S sedan, which currently starts at $76,500 after incentives, and the Model X crossover, starting at $83,000. The new Model 3 is expected to sell for less than half of either amount – projected to start at $35,000 before incentives – and serve as the Tesla's entry-level model.

Related Video:

Tesla Model 3 First Ride | Autoblog Short Cuts


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