Tesla Model 3 Orders Pile Up As Musk Takes To TwitterTesla Model 3 Orders Pile Up As Musk Takes To Twitter

Tesla Model 3, BMW i3: 10 Electric Vehicles To Own

Tesla Motors CEO Elon Musk announced during the unveiling of the company's Model 3 on March 31 that the company had already received 115,000 orders in the 24-hour period leading up to the unveiling, and that number continues to climb.

What a difference 48 hours makes.

On the afternoon of Sunday, April 3, Musk sent out a Twitter message stating that 276,000 -- that's just over a quarter of a million -- Model 3 orders had been received by Saturday, which makes the car most sought after electric vehicle of all time.

The $35,000 Model 3 can be pre-ordered with a $1,000 deposit, which led to long lines at Tesla showrooms around the world ahead of the Model 3's unveiling.

The car isn't even expected to be available until the end of 2017 -- a target date that watchers of the delay-plagued car manufacturer are probably taking with a grain of salt.

"Definitely going to need to rethink production planning…" Musk tweeted on April 1.

In separate tweets over the weekend, Musk also revealed the Model 3 will be a rear-wheel drive (RWD) vehicle with an option for a dual-motor all-wheel drive (AWD) edition. He also released a design sketch of the Model 3, and promised tokens of appreciation to those who lined up to put down their deposits were in the mail.

The highly anticipated unveiling last week was received enthusiastically by Tesla fans and automotive critics alike, with praise doled out for some bold styling cues, its panoramic glass roof, a spacious interior, and for its performance. Musk boasted the base Model 3 can go from 0 to 60 miles per hour in under six seconds.

By end of next year, Tesla plans to double the number of supercharging stations and nearly quadruple the number of destination chargers.

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The surge in orders -- Barclays analyst Brian Johnson told CNBC they could hit 300,000 by June, a number that now seems likely to be bested before the end of the week -- may lead Tesla to "an equity offering" following the company's first-quarter financial report.

RBC analyst Joseph Spak also voiced concerns over Tesla's ability to meet demand, but said the initial orders could help the company create a positive cash flow.

"Demand was never really our concern, it is more about execution and getting production up to meet demand," Spak told CNBC. Spak also warned Tesla fans that they may not get their hands on a Model 3 before 2019.

By the time the Model 3 does hit the road there will be more competitors on the market, including General Motors' Chevrolet Bolt EV, which is expected to launch next year with a price tag similar to the Model 3.

The Bolt EV will also have a driving range of about 200 miles, similar to that of the Model 3, although it will lack the futuristic design cues, minimalist interior, and some of the other luxury touches that seem to have drawn so many cutting edge consumers to Tesla's vehicles.