Tesla has 115,000 reservations for new Model 3

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Tesla Motors says buyers reserved more than 115,000 Model 3 sedans on Thursday, the first day orders were taken. (AP Photo/Justin Prichard)

Tesla has finally taken the wraps off its all new more affordable electric car.

Tesla CEO Elon Musk revealed the Model 3, an electric vehicle for the masses, Thursday night in Southern California.

PHOTOS: Crowds line up for Tesla's affordable electric car

Musk says the mid-size sedan will cost $35,000, seat five adults, has fast supercharging capability, and have a long range on one battery charge.

"The range will be at least an EPA rating of 215 miles," Musk said.

Self-driving autopilot technology will come standard. Musk says pre-orders for the car now top 115,000 worldwide in the past 24 hours.

"Thank you to everyone that ordered the car, we love you," Musk said.

The lines were long at Tesla showrooms. At least 500 waited more than an hour in Corte Madera to pay $1,000 to reserve a Model 3.

"Tesla is the only car on the road that excites me. I've been waiting years for a Tesla to come out in my price range," said Jeanette Newman, a Tesla fan.

"I'm buying it sight unseen, but I'm trusting in Elon Musk, said Wayne Stout.

ABC News Technology contributor Becky Worley says Tesla's marketing plan for the Model 3 was genius.

"Only Elon musk get away with that," Worley said. "It's bizarre that Tesla would do their announcement at 8:30 p.m. at night, but open preorders about a car nobody knows any details on in the morning."

The Model 3 could be ready for delivery by late 2017.
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