NEW YORK (TheStreet) -- Tesla Motors (TSLA) - Get Report stock is advancing by 3.99% to $235.95 in afternoon trading on Thursday, as lines formed outside the company's showrooms ahead of the Model 3 reveal.

Hundreds of customers waited for their nearest showrooms to open at 10 a.m. local time to place a $1,000 deposit for the Model 3, the company's economic electric vehicle, Bloomberg reports.

The car's price starts at $35,000, but early U.S. buyers will be able to receive $7,500 in federal tax incentives, Bloomberg noted.

Palo Alto, CA-based Tesla will reveal its newest vehicle at 8:30 p.m. PT. Customers can also reserve the Model 3 when the live event begins tonight.

Analysts are estimating that more than 100,000 vehicles will be reserved over the next two weeks, but deliveries are not scheduled to begin until late 2017, Bloomberg added.

Separately, Tesla has a "sell" rating and a letter grade of D+ at TheStreet Ratings because of the company's deteriorating net income, generally high debt management risk, disappointing return on equity, poor profit margins and feeble earnings per share growth.

You can view the full analysis from the report here: TSLA

TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author. 

Image placeholder title