Matthew DeBord
Tesla Model 3.
Tesla's announcement - made through a post on the company's blog - comes just one week after the electric-auto maker began taking $1,000 deposits for the car.
In the blog post, Tesla claims the aggregate value of the reservations to be equal to about $14 billion in future sales.
According to the company, the staggering reaction to the Model 3 makes it "the single biggest one-week launch of any product ever."
"Unlike other major product launches, we haven't advertised or paid for any endorsements," Tesla wrote in the blog post.
"Instead, this has been a true grassroots effort driven by the passion of the Tesla team that's worked so hard to get to this point and our current and future customers who believe so strongly in what we are trying to achieve."
Tesla unveiled the first prototypes of its mass-market electric car last Thursday evening in a ceremony in Hawthorne, California.
Tesla expects the Model 3 to enter production at the end of 2017, although industry analysts believe that date is likely to be pushed back. The Tesla Model 3 starts at $35,000 before incentives.