The countdown is officially on.
Tesla plans to unveil its most important vehicle yet, the Model 3, on March 31st. It’s the automaker’s first “affordable” car designed not just for Silicon Valley elite, but for the masses. To say that Tesla has a lot riding on this mass market electric vehicle is not an understatement.
Here’s what we know about the Model 3 so far, and it’s quite a bit.
The four-door sedan will cost $35,000 before electric tax incentives. Bloomberg suggests it could be as shockingly low as $25,000 when you factor those in. Shocking in that the average new car sells for about $31,000 now, according to an analysis by Salim Morsy of Bloomberg New Energy Finance. To put that into even more perspective, the Model 3 could end up being cheaper than even General Motor’s Chevrolet Bolt EV, which prices at $37,500 before incentives.
You’ll also be able to reserve one for $1,000. Reservations start in person at the event on March 31st or online April 1st.
There will also be no Signature Series like you can get with the Model X.
No signature series for Model 3. Same reservation amount for all.
— Elon Musk (@elonmusk) February 11, 2016
Also, don’t expect it to be as packed with features as the Model S or Model X. Elon Musk says instead of giving us a bunch of features all at once, Tesla will roll out additional features each year. At the same time, Tesla’s Chief Technology Officer says we’ll be surprised at its “next-generation” technology.
It will be 20% smaller than the Model S and have an electric range of over 200 miles.
Tesla hopes to begin production in early 2017.