IBTimes UK

Tesla Motors' first mass market electric car model, the Model 3, has received an electrifying response from the market, notching up 253,000 orders in the first 36 hours.

The initial orders are worth more than $10 billion, based on an average projected selling price of $42,000 base price per unit. However, analysts say the initial batches will be sold at a far higher price as customers could lap up extra equipment.

The fact that the car is not expected to hit showrooms for at least another 18 months did not dent the enthusiasm in the market.

Tesla Chief Executive Elon Musk said the Model 3, a smaller version of Model S sedan and Model X utility vehicle, will go into production in late 2017.

Customers have to back up their Model 3 orders with an initial deposit of $1,000, which is refundable until 2020.

Musk said the average selling price of $42,000 includes the price of options and additional features. The base price of the Model 3 is pegged at $35,000 in the US.

Musk said on Friday customers in Singapore can place orders for the Tesla Model 3. "Adding several more countries to Model 3 order page tonight. Check for details, but will include India, Brazil, SA, SK, NZ, Sing & Ireland," Musk tweeted.

For more about the Tesla Model 3 features and technical specifications, read our our earlier story -- Tesla Model 3: An electric car for everyone that even petrolheads would root for