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This article was published on April 1, 2016

Tesla has already netted $198M in Model 3 pre-orders in under 24 hours

Tesla has already netted $198M in Model 3 pre-orders in under 24 hours
Natt Garun
Story by

Natt Garun

US Editor

Natt Garun is the former US Editor at The Next Web, managing the North American team on content, events, features and reviews coverage. She Natt Garun is the former US Editor at The Next Web, managing the North American team on content, events, features and reviews coverage. She previously wrote for Digital Trends, Business Insider, and Gizmodo. Facebook | Twitter | Google+

Less than 24 hours after Tesla opened up pre-orders for its “affordable” Model 3 vehicle, CEO Elon Musk said the company has already received 198,000 deposits and counting – valuing at least $7.5 billion worth of potential sales.

That is, of course, assuming everyone who put down that $1,000 pre-order deposit follows through with purchasing the car, which is estimated to sell for an average retail price of $42,000. The deposit is refundable until production on your order begins.

Even if it doesn’t turn every deposit into a sale, Tesla’s still netted a cool $198 million in the bank in its first day.

Tesla opened up pre-orders before the car was even revealed, with people lining up outside of showrooms days ahead of the launch. 198,000+ vehicles is extremely high demand, so it’ll be interesting to see how Tesla manages to meet their pre-orders expectations – again, assuming everyone who put down a grand buys the Model 3.

Did you put a deposit down for a Model 3? Do you plan to?

Update: 232,000 deposits down in the first 27 hours.