The Wheel Thing: Tesla Model 3 drums up excitement, thousands of pre-orders

Tesla Motors unveils the new lower-priced Model 3 sedan at the Tesla Motors design studio Thursday, March 31, 2016, in Hawthorne. It doesn't go on sale until late 2017, but in the first 24 hours that order banks were open, Tesla said it had more than 115,000 reservations. Long lines at Tesla stores, reminiscent of the crowds at Apple stores for early models of the iPhone, were reported from Hong Kong to Austin, Texas, to Washington, D.C. Buyers put down a $1,000 deposit to reserve the car.

Tesla Motors unveils the new lower-priced Model 3 sedan at the Tesla Motors design studio Thursday, March 31, 2016, in Hawthorne, Calif. It doesn't go on sale until late 2017, but in the first 24 hours that order banks were open, Tesla said it had more than 115,000 reservations. Long lines at Tesla stores, reminiscent of the crowds at Apple stores for early models of the iPhone, were reported from Hong Kong to Austin, Texas, to Washington, D.C. Buyers put down a $1,000 deposit to reserve the car.

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Justin Prichard/AP

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“The real driver here is all the development of technology and innovation in the state," said Jerry Nickelsburg, senior economist at the UCLA Anderson Forecast.

Tesla Motors Inc. CEO Elon Musk speaks at the unveiling of the Model 3 at the Tesla Motors design studio Thursday, March 31, 2016, in Hawthorne, Calif. The promise of an affordable electric car from Tesla Motors had hundreds of people lining up to reserve one. At a starting price of $35,000 — before federal and state government incentives — the Model 3 is less than half the cost of Tesla's previous models.

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Justin Prichard/AP

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Tesla Motors unveils its Model 3 car at the Tesla Motors design studio Thursday, March 31, 2016, in Hawthorne, Calif. The promise of an affordable electric car from Tesla Motors had hundreds of people lining up to reserve one. At a starting price of $35,000 — before federal and state government incentives — the Model 3 is less than half the cost of Tesla's previous models.

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Justin Pritchard/AP

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Customers wait in line to be the first to sign a wait list to own the new Tesla vehicle at the Tesla showroom in Pasadena, Calif. Thursday, March 31, 2016. Tesla unveiled its Model 3 electric car Thursday night at its Los Angeles design studio. At a starting price of $35,000, before federal and state government incentives, the Model 3 is less than half the cost of Tesla's previous models.

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Nick Ut/AP

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By Friday morning, buyers had already reserved more than 130,000 of the sedans, which starts at $35,000, making it the company's most affordable car.

Crowds lined up for hours before Tesla’s big reveal of the new Model S on Thursday night, and apparently they weren’t let down.

By 9 p.m. Tesla said buyers had already reserved more than 115,000 of the sedans, according to the Associated Press.

The Los Angeles Times reported early Friday that the number had already risen to more than 130,000.

For comparison, BMW reported it sold a total of about 95,000 of its similarly priced 3 series in the U.S. last year.

The Model 3 will start at $35,000, making it the lowest-priced Tesla yet. The new model features a panoramic glass roof and a semi-autonomous “autopilot” feature to help keep the vehicle in lanes.

Tesla CEO Elon Musk promised it would deliver zero to 60 mph acceleration in under 6 seconds and a range of 215 miles on a single charge.

The car is also expected to earn a 5-star safety rating in all categories. Its older cousin, the Model S, boasts the highest safety rating in America, according to the company. In 2013, Tesla announced the S had achieved the highest rating for any car ever tested by the National Highway Traffic Safety Administration.

The Model S provides a longer range of up to 270 miles per charge, but it starts at $71,000. As AP reports, a lower-priced car has been Musk's longtime goal.

The company is still taking reservations on its website for $1,000.