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Tesla tops 253,000 orders of new Model 3 within 36 hours

The first mass-market vehicle for Tesla Motors Inc. topped $10 billion in sales in the first 36 hours after it was revealed.

Production of the new Model 3 isn’t set to begin until late 2017, yet there were more than 253,000 pre-orders for the electric car after it was revealed, reported Reuters.

Though the base price of the battery-powered sedan was slated at $35,000, the average selling price will be well above that.  All extras included, the price tag on the Model 3 could reach between $50,000 and $60,000. According to Reuters, a tweet from Tesla Chief Executive Elon Musk put the average price around $42,000.

The flurry of sales didn’t stop there as the appeal of the new vehicle continued into day three with an additional 23,000 orders placed for the Model 3, according to The Detroit News.

Much of the interest was spurred by a string of tweets from Musk, and according to Reuters, this interest could raise the stock price of the auto manufacturer even higher. On April 1 the stock closed at $237.59. In fact, after hitting a one year-low in February, the stock has grown by more than 60 percent.

The reservations for the electric Tesla sedan required a fully refundable $1,000 deposit in stores or online. Though they do not represent actual sales, these pre-orders indicate an impressively high interest in the model. Yet not all analysts are convinced.

“Regardless of the enthusiasm of the Model 3 and the level of interest – which is strong – there still are, on a broader level, obstacles to EV ownership,” said IHS Automotive senior analyst Stephanie Brinley. “It’s still cost, it’s still range and it’s still infrastructure.”

The Model 3 was revealed March 31 in California. It can accelerate from 0 to 60 mph in under six seconds and is said to give 215 miles per charge.