In a recent blog post Tesla Motors announced that, since the announcement, the Model 3 car had become the “single biggest one-week launch of any product ever”.
They have received 325,000 Model 3 reservations so far, with each reservation requiring a downpayment of $1,000. While the company does offer refunds on the reservations, it has already made $325 million on the Model 3 product and, if all orders are upheld, it will make $14 billion after shipping them.
The feat is particularly impressive as the company hadn’t paid for any advertising or endorsements, relying entirely on word of mouth and social media it push products. The magnitude of demand has forced Elon Musk himself to admit he must “Rethink production planning”.
To put the Model 3’s success into perspective, the Toyota Camry was the best selling car in the US last year with almost 430,000 cars sold, Tesla managing to get within 100,000 orders of that in a week.
Naturally, the Model 3 is a product that has been long awaited and as a result may simply be seeing the orders of an attentive audience and may not be a completely realistic market representation. However, the launch of the Model 3 will likely signal a shift in the automotive industry.