Over 200000 people have pre-ordered an electric auto they've never driven

Electric auto maker Tesla has unveiled its newest model - its lowest-priced vehicle so far.

Earlier on Thursday, Tesla showrooms across the globe were full of customers eager to put down deposits of $1,000 to reserve cars.

But Tesla shares have been climbing for the last month as oil prices staged a recovery and anticipation built for the Model 3 unveiling.

The company's boss Elon Musk said the Model 3 was "the final step" in his "master plan, which is a mass market, affordable car".

That's not a bad start to 2016 when you consider the company sold a grand total of 10,030 cars in the first quarter of 2015.

Tesla is doubling its fast charging stations to more than 7,000, but are there any concerns given all the hype? By the time he took the stage at 8:30 p.m. PT, there were already 115,000 orders.

Unveiling the prototype, Mr Musk told the crowd: "We think you are going to be blown away". But to do that it will need to average 20,000 cars each quarter.

A charge of $1,000 is included in each advance order for the upcoming electric vehicle.

Investors also worry about delays and cost overruns associated with the Model X crossover, which went on sale late previous year.

The Model 3 will also compete with General Motors Co's Chevrolet Bolt EV, which is expected to launch later this year.

Those who pre-ordered will be waiting a while for their Model 3, however: Musk yesterday said he is "fairly confident" that deliveries to customers will begin next year.

The Model 3 is less than half the cost of Tesla's previous models, and its range is about double what drivers get from current competitors in its price range. But Tesla and Panasonic are building a massive, $5 billion factory in Nevada which will supply batteries for the Model 3.

Unfortunately, Tesla fans still have a long wait for the Model 3. In Model 3, there is a huge screen on the center console like other models by Tesla Motors, thought slightly smaller than Model X or S. Experts expect different versions of the electric sedan, some fancier and more expensive than others. Its stock is still down 2.3 percent for the year after big dip for the markets in February.

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Source: Over 200000 people have pre-ordered an electric auto they've never driven