This new car has sent prospective buyers into frenzy.

According to Dailymail, online orders started pouring in before the official unveiling on Thursday, March 31, 2016.

The CEO, Elon Musk, announced that the company had received over 115,000 orders in 24 hours.

Musk also gave details of the new car, including the fact that it is cheaper than the previous model.

"It's going to be an incredibly safe car. We really believe with Tesla that safety has to come first, it's paramount. It will be 5-star in every category", he said.

Concerning the speed (Model 3 goes from 0 to 60mph in less than six seconds), he said, "at Tesla, we don't make slow cars".

Watch the official unveiling above.