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Orders for lower-priced Tesla hit 198,000

Published:Sunday | April 3, 2016 | 4:00 AM
An electrric car being charged.

Orders for lower-priced Tesla hit 198,000

Demand for Tesla Motors' new lower-priced electric car is growing faster than expected with 198,000 people plunking down US$1,000 deposits by last Friday afternoon.

Tesla Chief Executive Officer Elon Musk said on Twitter that he may have to rethink plans for factory production of the Model 3.

Musk unveiled the new car last Thursday night. It starts at US$35,000 and has a range of 215 miles per charge and won't go on sale until late in 2017.

The orders are from people worldwide. But they could jeopardise US$7,500 electric car tax credits for buyers who are last in line. The tax credits gradually phase out after a company hits 200,000 in US sales.

- AP