Tesla's Musk: Model 3 Orders Surpassed 115,000 Within 24 Hours

Tesla Motors Inc. Chief Executive Elon Musk said the new "mass market" Model 3 vehicle has received more than 115,000 orders in 24 hours, outpacing expectations.

Mr. Musk showed off a new range of the vehicles on Thursday night at an event near Los Angeles, saying the car would get at least 215 miles of range on a single charge and would be capable of fitting five adults comfortably.

Mr. Musk, speaking at a hangar full of enthusiasts and owners -- at least one waving a lightsaber modeled after Star Wars—said even base models of the Model 3 would accelerate from 0 to 60 miles an hour in less than six seconds.

The Model 3, expected to go on sale in 2017 with a base price around $35,000, would be achieve top safety ratings, he said. "I do feel fairly confident it will be next year," Mr. Musk said while laughing. The company has struggled to launch vehicles on time.

The launch of the Model 3 will be closely watched by analysts and investors concerned that Mr. Musk's plan to eventually sell 500,000 vehicles annually could hit a funding roadblock. Getting the Model 3 out on time is critical to helping the company stanch losses and reverse cash outflows.

(END) Dow Jones Newswires

April 01, 2016 00:45 ET (04:45 GMT)

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