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Tesla says Model 3 reservations hit 325,000

Chris Woodyard
USA TODAY

Tesla Motors said Thursday it has now received 325,000 reservations for its new Model 3, which it says makes it "the single biggest one-week launch of any product ever."

Customers wait in line to put a $1,000 deposit on the as yet unseen Tesla Model 3, outside the Tesla store on the Third Street Promenade in Santa Monica, Calif.

Never mind that the first units of the car, a five-seat electric model costing $35,000, won't be available until late 2017. But apparently, the excitement alone is enough to keep reservation holders happy. If all the orders are eventually fulfilled, Tesla says it would equate to $14 billion in sales.

The Model 3 is going to be Tesla's first mass-market car, coming in at roughly half the price of its two other models, the Model S sedan and the Model X crossover. Tesla says, in a blog post announcing the latest numbers, that it views the introduction of its mass-market car is "a huge step towards a better future by accelerating the transition to sustainable transportation."

The Model 3 was unveiled last Thursday night. Even before the reveal, hundreds lined up in front of Tesla stores around the country to make reservations in person. At the store in Santa Monica, Calif., the line count approached 300 during part of the morning.

The cash infusion of all those deposits won't hurt, either. In order to place a reservation, potential owners had to plunk down a refundable $1,000. That comes out to another $325 million in interest-free cash that Tesla will have if needed.

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