Tesla Model 3 pre-orders made it to 373,000

Tesla’s Model 3 has been a big success from the minute the automaker started preorders in early April. In the weeks that followed, Tesla execs kept stating the reservations number is reaching 400,000 units, without unveiling an exact figure. More details has been provided since, and it appears like Tesla has some 373,000 Model 3 reservations, pretty low compared to 400,000 mark.

The figure comes from Tesla’s latest SEC filing for its brand-new capital raise that’s required to fund the Model 3 production program.

Tesla stated that since May 15th, there are 373,000 Model 3 reservations after 8,000 reservations were canceled and Tesla got rid of 4,200, presumed to be duplicates from speculators.

Tesla looks to raise $1.4 billion in capital in order to bring the Model 3 to market. The automaker was anticipated to look for $1 billion, triggering its stock to rise by 3.2 percent, before falling back by 1.5 percent after the new overall cam out. Even with the extra money on hand, however, it ought to take the company a long time to fill all those orders, as Tesla’s strategy to produce 500,000 cars a year by 2018 is extensively thought about to be impractical.

Tesla aims to deliver up to 200,000 Model 3 by 2017 and produce some 500,000 automobiles in the list below year, consisting of Model 3, Model S, and Model X.