Tesla Model 3: Elon Musk’s Carmaker Says It Has Received Over 325,000 Reservations For New Electric Sedan

Electric car maker Tesla Motors Inc. said on Thursday it has received more than 325,000 reservations for its new Model 3 sedan.

The reservations, which can be done by paying a refundable deposit of $1,000, correspond to about $14 billion in implied future sales, the company said.

Tesla said earlier this week that parts shortages hampered vehicle production and sales in the first quarter, but the company still plans to build 80,000 to 90,000 vehicles this year.

In the first quarter, Tesla delivered 14,820 vehicles, including 12,420 Model S sedans and 2,400 Model X sport utility vehicles. Earlier, the company, run by entrepreneur Elon Musk, told analysts it expected to sell 16,000 vehicles in the quarter.

Tesla said “severe shortages” of parts for the Model X in January and February cut into planned production. By late March, Model X production had ramped back up to 750 a week.

Data from Reuters were used to report this story.