Elon Musk dramatically revealed a red, silver and matte black model of the electric car after a lengthy talk that covered the company's dedication to the environment and journey to affordability on Thursday night

The billionaire founder revealed the car will able to go 215 miles per charge, at minimum

It will also fit five adults comfortably and, like the Model S that came before it, feature front and rear trunks

'I want to emphasize that even if you buy no options at all, this will still be an amazing car,' he said.

At the end of his speech Musk revealed that the Model 3, the fourth by the brand, was an instant success - with a total number of orders surpassing 115,000 in 24 hours.

'You did it!' members of the audience screamed in support of Musk.

Online ordering began an hour earlier then planned on Thursday amid signs of heavy demand. Musk said the company wanted to ensure there was 'no server overload'.

In a Twitter message yesterday, Musk announced: 'Tomorrow is Part 1 of the Model 3 unveil. Part 2, which takes things to another level, will be closer to production.'

He also posted a CNBC poll that showed 55 per cent of people would put a $1,000 deposit on Tesla Model 3, and go through with buying it.

'Looks like we may need to increase production plans for the Model 3,' he wrote.

The Model 3 - the company's first mass market car - is a pitch to middle class drivers and a key component in Musk's vision to mainstream the electric car.

'Why are we doing this? Why does it matter?' Musk rhetorically asked the audience as he began his speech at the unveiling.