Tesla Motors currently finds itself in quite the favorable predicament. The electric vehicle company sold its 100,000th Model S this past December, roughly three and a half years after the sedan's launch.

This past Thursday, Tesla introduced the Model 3 - the highly anticipated "affordable" four-door compact sedan with a starting price of just $35,000. Most expected the vehicle would generate a fair bit of demand but nobody anticipated the kind of reception the Model 3 has received thus far.

As of late Saturday, Musk said they've received 276,000 Model 3 reservations. That equates to $276 million in pre-order fees and more than $9.6 billion in potential sales generated in just three days (and that's assuming everyone orders the standard base model). On Friday, Musk said the average selling price with a mix of options is probably closer to $42,000.

The executive said his team expected maybe 20-30 people would line up at each dealership to reserve a Model 3, not 800. Musk added that early buyers should check their mail for a "token of appreciation."

At the unveiling, Musk said production would begin next year with the first batch of owners taking delivery in late 2017. Given the overwhelming reception, Musk has since recommended that people wanting a Model 3 should order soon as the wait time is growing rapidly. He also added that they're going to definitely rethink production planning.