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Tesla unveils its $35,000 Model 3

Finally, a Tesla you can afford.
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Tesla CEO Elon Musk has stated on many occasions that introducing high-end vehicles was a means to eventually bring an affordable electric vehicle to market. Today the automaker finally unveiled the physical manifestation of that plan. The $35,000 (before federal tax credits) Model 3 sedan made its world debut at an event in Los Angeles. On stage, Elon Musk announced that the car will have at least 215 miles of range, 0-60 in under six seconds, and every single one will have Supercharging as a standard feature. Even before the car was unveiled, Elon says pre-orders have already topped 115,000.

Update: We took a ride in the Model 3, check out our first impressions right here.

Gallery: Tesla Model 3 unveiling | 26 Photos

Model 3 Reveal Video

Pre-orders of the Model 3 started today all over the globe. Potential customers lined up at Tesla dealerships and placed $1,000 deposits for a car (limit two per person) they might not take delivery of until 2018.

Musk noted earlier that this is phase one of the car's rollout and while tonight's event showed off the car, the automaker will be adding more features in the future as it gets closer to production.

When it does hit the street, it's closest competitor will be the Chevy Bolt. Both cars have a range of over 200 miles and a pre-tax credit price in the mid $30,000 range. What the Model 3 has over the Bolt is Tesla's Supercharger stations. In addition being able to charge at any level 2 charging station, it can reap the benefits of charging quickly at the Tesla stations.

Tesla Unveils Model 3 from Tesla Motors on Vimeo.

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