The Tesla Model 3 will be an electric car for the masses with a price point of $35,000 (versus around $90,000 for the high performance Tesla Model S).

Tesla has announced that the company will start taking reservations for the new Model 3 on March 31st 2016. With government incentives, the price could be lowered by as much as $13,000. Elon Musk (the CEO of Tesla) confirmed today that he intends to commence deliveries of this car in 2017. While the final design details of the Model 3 have yet to be revealed, many hope that it will compare favorably to entry level luxury cars such as the BMW 3 series and the Audi A4.

The base Tesla Model 3 is expected to offer at least a 200 mile range, and the same wireless update capabilities as the Tesla Model S. Tesla has done some amazing things with electric cars thus far, but the company as a whole is losing money since it does not have a mass market product. This latest Tesla model aims to change that, and is really what the company has been working towards since they started back in 2003.