Tesla Model 3: World Record In Consumer Tech About To Be Set?

Trip Chowdhry of Global Equities Research expects Tesla Motors Inc’s TSLA Model 3 to “break all records” in Consumer Tech in terms of pre-order booking dollars.

The analyst maintained an Overweight rating on the company, with a price target of $385.

Record Pre-Orders Expected

Chowdhry stated that there are wide expectations of Tesla Model 3 bookings reaching 100,000 units by April 3, 2016, which would be the first weekend. At $35,000 for pre-ordering each Tesla Model 3, 100,000 units would equate to $3.5 billion in pre-orders.

The analyst also quoted Tesla Motors’ co-founder Elon Musk’s tweet, which said, “Tomorrow is Part 1 of the Model 3 unveil, Part 2, which takes things to another level, will be closer to production.”

Positive Surprise Likely

Chowdhry pointed out that Mr. Musk was not giving out too many details of Model 3 and was allowing the competition to keep on guessing what his next move would be.

The analyst expects the company to give the market a “GIGA surprise” close to the release date. In fact, Chowdhry noted that similar to Model X, Model 3 might also be “much better” than anticipated when it is unveiled on April 1.

The analyst also quoted Mr. Musk as saying, “Tesla is a natural extension of consumers digitally centered live style and Tesla Model 3 makes it affordable for many.”