Tesla is surging

Shares of electric car maker Tesla are surging Friday morning.

Tesla stock is up more than 7% in pre-market trading after CEO Elon Musk unveiled the prototype of the company's new $35,000 Model 3 in a ceremony last night in Los Angeles.

At the ceremony, Musk announced that the company has taken more than 115,000 pre-orders in just 24 hours for the car that's slated to reach customers by the end of 2017.

However, it has been reported that the number of total orders has climbed to roughly 130,000 cars.

Droves of Tesla customers waited in line at the company's showrooms and online to place $1,000 deposits on the company's most affordable model to date.

Friday's surge continues Tesla's recent upward trend after the stock hit a 6-month low on February 9 of this year at $143. Tesla closed on Thursday at just under $230 per share.