Tesla right now averaging more than 1,800 product 3 reservations a day

Tesla releases product 3

The waiting list for Tesla’s brand-new product 3 will be growing fast.

Tesla (TSLA) said Wednesday that will will be right now averaging more than 1,800 net reservations each day for its cheaper electric car, following an event last week to hand over keys to the first 30 product 3 vehicles.

Tesla did not provide an updated figure for its total waiting list. At the event last week, Tesla CEO Elon Musk said the reservation number was over 500,000. On a conference call with analysts Wednesday, he clarified the number was actually 455,000, including cancellations.

The strong demand will be a mixed blessing for Tesla as that will grapples with scaling up production to make Great on deliveries for its first mass market car.

Tesla said that will remains “on track” to hit its production goals. Tesla expects to produce 1,500 product 3 vehicles within the upcoming third quarter, 5,000 vehicles produced per week by the end of This kind of year along with also 10,000 per week by the end of 2018.

Related: Tesla delivers its first 30 product 3s in historic moment

“What we have ahead of us, of course, will be an incredibly difficult production ramp,” Musk said Wednesday. yet Musk stressed there should be “zero” doubt of hitting the 10,000 mark next year.

“This kind of will be maybe the best I’ve ever felt about Tesla, to be frank,” Musk added. “Last week stressed the Hell out of me.”

Even without the product 3, Tesla’s car production will be growing fast.

Tesla produced 25,708 vehicles within the second quarter, up 40% by the same period a year earlier. that will delivered just over 22,000 product S along with also product X vehicles for the quarter.

The company said that will will be actually seeing an increase in orders for its luxury product S vehicles, despite the launch of a cheaper product.

Tesla posted $2.79 billion in sales for the quarter, more than doubling by a year earlier. Its losses increased 37% to $401 million for the quarter as that will ramps up for product 3, yet that will loss was smaller than Wall Street expected.

Tesla stock jumped 8% in after hours trading Wednesday following the earnings report.

sy88pgw (brand-new York) First published August 2, 2017: 5:01 PM ET

Tesla right now averaging more than 1,800 product 3 reservations a day

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