The reservations, which can be made by paying a refundable deposit of $1,000, correspond to about $14 billion in implied future sales, the company said. (bit.ly/1oFkduW)
There is, however, no certainty that Tesla would be able to convert all its orders into sales as many of those could be canceled.
The orders for Model 3, Tesla's first mass-market car which will sell at an average price of $42,000, are "very positive" and reflect tremendous enthusiasm for the car, analysts said.
However, Tesla shares were down 2.5 percent at $258.67 in afternoon trading on Thursday.
Robert W Baird & Co analyst Ben Kallo told Reuters that the stock reaction was likely a result of profit-taking rather than disappointment with the numbers.
As of Wednesday's close, Tesla's stock had risen about 16 percent since the company started taking orders for Model 3, which is expected to be launched in late 2017.
With the production of the new model, Tesla is likely to boost its annual production tenfold to 500,000 by 2020, the company has said.
Analysts have raised questions about how long it would take Tesla to deliver Model 3 cars, after the slower-than-expected launch of its Model X sport utility vehicle late last year.
Tesla said on Monday it delivered 14,820 vehicles in the first quarter ended March 31, including 12,420 Model S sedans and 2,400 Model X utility vehicles.
The company had previously forecast 16,000 deliveries in the quarter.
Tesla said "severe shortages" of parts for Model X in January and February had cut into planned production.