700,000 Model 3s per Year? Elon Musk Thinks It's Possible

700,000 Model 3s per Year? Elon Musk Thinks It's Possible

There's really no way to refute it: Demand for Tesla's (NASDAQ: TSLA) Model 3 is extraordinary. Yes, there's the 455,000 reservations the vehicle has already garnered. But even this massive number fails to capture the level of interest in Tesla's newest vehicle. When investors consider the Model 3's reservation count, they should keep in mind that the electric-car maker has done very little to drive this demand.

In response to the Model 3's growing demand, Tesla CEO Elon Musk now believes annual demand for the $35,000 vehicle could surpass 700,000 units, up from his previous forecast for 500,000 units. Musk shared his higher projection for demand during a recent meeting with bondholders, following Tesla's decision to raise $1.5 billion of capital in a debt offering, according to Electrek.

Model 3. Image source: Tesla.

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Source: Fool.com