The company's CEO, Elon Musk, has been keeping the world abreast of the orders via Twitter.
Since the new model was unveiled last Thursday, consumers have been plunking down $1,000 deposits to reserve one for themselves.
Musk believes if the trend continues, orders will reach 500,000 early next week.
And the car won't actually go on sale until late 2017.
The new Tesla Model 3 starts at $35,000 and has a range of 215 miles per charge. Options include rear-wheel- and all-wheel drive.
In tweets, Musk has likened the feel of driving the Model 3 to what most of us imagine piloting a spaceship is like.
But the real appeal right now is a mixture of cache and pricetag. The new Model 3 costs less than half what previous Tesla models cost.
The new model is the first Tesla has announced that is priced competitively with the Nissan Leaf and other EVs on the market.
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