Model 3 pre-orders break 250,000 barrier

Tesla owner Elon Musk says he’ll have to rethink production plans following huge pre-release demand for the Model 3.

The Model 3 was only unveiled on Thursday, but Tesla founder and chief executive Elon Musk tweeted on Saturday that pre-orders were already up to 276,000. He said that as a result his company was ’definitely going to need to rethink production planning’.

The five-seater car is Tesla’s most affordable vehicle to date and will resale for about £24,423. Its range will be at least 215 miles. It can be ordered from dozens of countries around the world, with potential car owners putting down a $1,000 deposit to reserve their vehicles.

However, not every order will definitely result in a sale of the car, which is due to be delivered in late 2017.

Tesla’s plan is to produce about 500,000 vehicles a year once production is at full capacity.