Tesla Motors has announced it currently has 373,000 valid reservations for the highly-anticipated Model 3 electric sedan.

An early prototype of the Model 3 was officially unveiled on March 31 and since then hundreds of thousands of people have placed (refundable) $1,000 deposits to pre-order the EV. There were almost 400,000 orders as of late last month, but now the number has decreased to 373,000 after Tesla Motors erased 4,200 duplicate applications and 8,000 people cancelled their orders.

That’s still a very impressive number of pre-orders for a car that hasn’t even been shown yet it production guise. As a matter of fact, it is believed the final design of the car won’t be ready until the end of June while production won’t kick off sooner than the second half of 2017, with the first deliveries slated for the end of that year.

Tesla Motors CEO Elon Musk estimates the company will be able to build 100,000 to 200,000 units in 2017, a number which will rise to about 500,000 in 2018 when production will be at full throttle. With so many people lined up to get the car, it means that if you will place an order today, you will likely get the car in two years from now, give or take several months.

The American EV manufacturer is doing everything that it can to speed up the production process which is why it wants to raise at least $1.4 billion via a secondary stock offering to fund the Model 3 project. Reaching the goal to make 500,000 Model 3s in 2018 seems very ambitious taking into account this year Tesla estimates it will be able to assemble a total of 90,000 units of the Model S and Model X. That’s not all, as Elon Musk said recently during a conference that Tesla could produce one million cars annually by the end of the decade, including here units of the new Roadster which is apparently due in 2019.

Source: autonews.com

Tesla Model 3