Apr 02, 2016 09:47 AM EDT

Tesla Motors Unveils Model 3, Gets Almost 200,000 Orders

Elon Musk of Tesla Motors has launched his latest Tesla Model 3 for the mass market - and dutifully, the car snatched up pre-orders of about 198,000. The massive initial orders for the lower-priced electric car took the company CEO by surprise.

"Definitely going to need to rethink production planning," tweeted CEO Elon Musk feed.

It is no surprise that car enthusiasts, especially those concerned with their budgets, have plunked their $1,000 deposit just to be sure they will be among the first to have the $35,000 Tesla Model 3.

It is almost half the price of more expensive Tesla cars such as the Tesla Model S and yet it can compete effectively with any car in the mid-size market niche. This mass market electric car when compared head-to-head with comparable vehicles run by internal combustion engine is definitely way ahead.

Model 3 will establish Tesla Motors as one of the most desirable car brands to buy.

Its debut on Thursday was a significant tech event, very similar to the time when Apple launched its iPhone series, when a new technological breakthrough led to the development of more and more devices that favor consumers.

At its launch, interested buyers were able to test drive the electric car. Most are all praises to the way it handles itself and how sleek and how modern it looks. They are especially mesmerized when Musk told them about its capacity and power performance.

It is reportedly able to travel close to 300 miles in a single charge, negating the worrisome range anxiety of most electric cars.

However, the next challenge for Elon Musk and his Tesla Motors is how to deliver the massive orders in time.

Tesla's latest car, the Model X SUV with 'falcon wings' was delivered to customers only late last year when they were supposed to be shipped in early to mid-2014.

"Prior history might be an indicator of what might happen in the future," said Jack Nerad, Kelley Blue Book executive editorial director and market analyst.

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