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While you might expect iPhones to sell like hotcakes, you wouldn’t say the same about cars, right? Apparently, that logic doesn’t apply to the Tesla Model 3. According to CarAdvice, Tesla Motors has managed to collect 115,000 pre-orders for the company’s latest electric model.

The Tesla Model 3 is said to be 20% smaller than the Model S, which puts it in the compact executive sedan crowd, where the BMW 3 Series, Mercedes-Benz C-Class and Audi A4 reside. No official prices have been disclosed but the Model 3 is expected to carry a price tag that starts at US$35,000 (RM136,600).

However, the Model 3 will feature an impressive kit list, with the Autopilot system available as standard, including autonomous steering, lane changing, braking and parking (with the Summon remote parking feature).

Tesla Model 3 screenshot-03

Tesla also claims the Model 3 will be able to sit five passengers “comfortably” – while having an all-electric range of at least 346 km on a single charge. No official performance figures or the car’s charging time were provided. Elon Musk, CEO of Tesla Motors, also stated that safety will not be compromised on the Model 3.

As each order (or booking) will cost buyers USD$1,000 (RM3,884), it may appear that Tesla will chalk up USD115 million (RM448,051,500) in the account books. Considering the Model 3 will not officially go on sale until the end of 2017, not every 115,000 buyer might follow through on his or her order and they may seek a refund on their order. Not that Musk is worried, as the current reservations continue counting upwards.