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Tesla targets mass market with new Model 3

Tesla received more than 115,000 pre-orders for its next electric vehicle, the Model 3, the day before it even unveiled a prototype of the car, the company said on Thursday.

Elon Musk, chief executive, announced the flood of interest from potential buyers at an event in Los Angeles where he took the wraps off the car. Although deliveries are not due to start until late next year, Mr Musk has targeted sales of 500,000 by 2020, a figure that would fulfil his ambition of creating the world’s first mass-market electric vehicle.

Tesla began taking pre-orders in its 215 stores around the world on Thursday morning, causing lines 200-300 people long in some North American locations.

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