Orders for Tesla's car aimed at the mass market soared in the first 24 hours, as CEO Elon Musk unveiled the much-anticipated electric car. Bobbi Rebell reports.
The crowd went wild as Elon Musk unveiled the new Tesla Model 3. Starting at $35,000, it is the company's first car aimed at the mass market. (SOUNDBITE) ELON MUSK, TESLA CHIEF EXECUTIVE, (ENGLISH) SAYING: "So what do you think? Do you like the car?" Orders have sped past 130,000 in the first 24 hours. A survey by brokerage Evercore ISI ahead of the unveiling showed that investors had expected about 55,000 orders during the first 72 hours and 117,000 by the end of the year. The strong orders drove shares of Tesla as much as eight percent higher. The Model 3 will be able to travel 215 miles on a single charge. It will go into production next year and be ready for deliveries in the United States in late 2017. Morningstar's Dave Whiston: (SOUNDBITE) DAVE WHISTON, EQUITY ANALYST, MORNINGSTAR (ENGLISH) SAYING: "The overall battery kilowatts should be less than a Model S. That is one of the reasons it is cheaper, but also has less range." The car has been considered make-or-break for Tesla. The Model 3 is crucial for the electric car maker to reach its goal of selling 500,000 cars per year by 2020. The Model 3 will compete with General Motors' Chevrolet Bolt EV, which is expected to launch later this year and will be priced from around $35,000.