Written by The Business Journal Staff
(AP) — Demand for Tesla Motors’ new lower-priced electric car is growing faster than expected with 198,000 people plunking down $1,000 deposits by Friday afternoon.
Tesla CEO Elon Musk says on Twitter that he may have to rethink plans for factory production of the Model 3. Musk unveiled the new car Thursday night. It starts at $35,000 and has a range of 215 miles per charge. The car won’t go on sale until late in 2017.
The orders are from people worldwide. But they could jeopardize $7,500 U.S. electric car tax credits for buyers who are last in line. The tax credits gradually phase out after a company hits 200,000 in U.S. sales.