Elon Musk reveled this weekend in the tidal wave of preorders Tesla Motors received for the company's first affordable car, the Model 3, which debuted March 31.
By Saturday night, the electric automaker pulled in an eye-popping 276,000 orders for the $35,000 vehicle, each with a $1,000 deposit, the billionaire chief executive said on Twitter. That's more than double what the company expected.
Even two of electric carmaker's keenest observers -- one an early investor, the other a high-ranking analyst fixated on the future of transportation -- were wowed by the numbers.
"We were all surprised to sell a quarter of a million cars in two days," DBL Partners Managing Director Nancy Pfund, whose venture firm invested in Tesla a decade ago, told The Huffington Post at the Bloomberg New Energy Finance Summit in New York on Monday. "The pent-up demand is something that surprised me. I knew it was big, but I had no idea how much of a market we were tapping into with the Model 3."
When she first invested in the electric automaker 10 years ago, the company's only offering was the super-fast, super-expensive Roadster, and electric cars in general seemed dead-on-arrival.
Advertisement
"People were telling us Tesla is for rich people," Pfund said. "I mean, we didn't sit around a conference table 10 years ago and say, 'Let's make a car for the wealthy.' It's like the early cellphone or iPhone, these things are expensive at first."
The reaction to the Model 3 could ripple throughout the auto industry.
"That legitimately surprised us," Colin McKerracher, the lead advanced transportation analyst at Bloomberg New Energy Finance, told HuffPost in an interview. "I don't think you want to ignore that. I don't think you want to say that's just a flash in the pan."
Rather, McKerracher said traditional automakers are now scrambling to develop competitors to Tesla's roster of sleek, well-designed electric vehicles.
"I wouldn't underestimate Tesla's ability to pull other automakers along," he said.
One big difference is that the Nissan LEAF and Chevrolet's Bolt and Volt -- the Model 3's chief rivals -- simply haven't had the same hype as a Tesla.
Advertisement
"If you build a badass product, people will buy it on its own merits," Salim Morsy, senior analyst at Bloomberg New Energy Finance, told HuffPost.
But people need to know about it, he added.
"For the Bolt, Volt and Leaf, the marketing was abysmal," Morsy said.
At HuffPost, we believe that everyone needs high-quality journalism, but we understand that not everyone can afford to pay for expensive news subscriptions. That is why we are committed to providing deeply reported, carefully fact-checked news that is freely accessible to everyone.
Whether you come to HuffPost for updates on the 2024 presidential race, hard-hitting investigations into critical issues facing our country today, or trending stories that make you laugh, we appreciate you. The truth is, news costs money to produce, and we are proud that we have never put our stories behind an expensive paywall.
As Americans head to the polls in 2024, the very future of our country is at stake. At HuffPost, we believe that a free press is critical to creating well-informed voters. That's why our journalism is free for everyone, even though other newsrooms retreat behind expensive paywalls.
Our journalists will continue to cover the twists and turns during this historic presidential election. With your help, we'll bring you hard-hitting investigations, well-researched analysis and timely takes you can't find elsewhere. Reporting in this current political climate is a responsibility we do not take lightly, and we thank you for your support.
Thank you for your past contribution to HuffPost. We are sincerely grateful for readers like you who help us ensure that we can keep our journalism free for everyone.
The stakes are high this year, and our 2024 coverage could use continued support. Would you consider becoming a regular HuffPost contributor?
Dear HuffPost Reader
Thank you for your past contribution to HuffPost. We are sincerely grateful for readers like you who help us ensure that we can keep our journalism free for everyone.
The stakes are high this year, and our 2024 coverage could use continued support. If circumstances have changed since you last contributed, we hope you’ll consider contributing to HuffPost once more.