Lower and smaller than its bigger siblings Tesla S and Tesla X, the Model 3 will be a competitor with Chevrolet Bolt and similar future EVs. In its basic configuration,  Model 3 can go from 0 to 60 mph in less than six seconds and has a range of at least 350 kilometers per charge. It will come with Autopilot hardware as standard and is big enough for 5 adults. There will be more powerfull and better equipped variants of Model 3, but as delivery start is more than a year and a half away, Musk did not reveal those - as their better specs and higher price could damage Model S sales in the meantime.

As Elon Musk said at the presentation, the first customers will receive their Model 3 by the end of 2017. Tesla Motors already has over 115 thousand reservations (at 1.000 USD per reservation) after the first day with long lines of customers waiting for Tesla Stores to open this morning.