Tesla Model 3 price, release date & specs: CEO Elon Musk unveils economical car pre-order in March

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Elon Musk, CEO of Tesla Motors, shares on Twitter the release date of the highly-anticipated Tesla Model X, which will be on September 29, and while at it, he also happened to drop a few hints about the upcoming economical Tesla car called the Model 3.

First production cars will be handed over on Sept 29 at our Fremont factory

— Elon Musk (@elonmusk) September 2, 2015

According to Fortune, the Tesla Model 3 is not expected to be produced for a few more years but Musk stated that car aficionados and enthusiasts may start their pre-orders by March 2016. The new model will be half the price of the luxurious Model S, starting at $35,000.

@elonmusk $35k price, unveil in March, preorders start then. — Elon Musk (@elonmusk) September 2, 2015

Forbes adds that some of the details are already expected, like the price and the 200-mile range, although longer versions are also offered. The design is not yet provided but Musk said last February that Tesla will not go crazy with how Model 3 will look like.

But, the following details are what the public is excited about:

• Model 3 will be available as a crossover and sedan

• Base version of Model 3 will be single motor but with a good traction control. This is to keep it in the cost-effective range although the company teases a possibility of offering dual motor as well.

• Model 3 will be mass-produced, probably at 500,000 units in a year. This is the reason why the company is building a $5 billion factory, which can reduce the lithium-ion battery pack's per-kilowatt-hour cost by 30 percent. This will also help the company make affordable batteries, thus making it possible to have a cheaper electric car.

Lastly, the CEO teases that the Model 3 will not look like any of the Tesla cars, with rumors describing the car as a cross between an Audi A4, Mercedes Benz C-Class and Bayerishce Motoren Werke AG, according to Value Walk. Analysts speculate that it's a cross between a small sedan and an SUV.

The Model 3 could be the critical factor to the evolution of Tesla, as well as an important turning point for the production of economic electric cars. And although pre-ordering starts next year, it is still unfortunate to learn that it will be in late 2017 before Model 3 begins its production.

Model 3, our smaller and lower cost sedan will start production in about 2 years. Fully operational Gigafactory needed.

— Elon Musk (@elonmusk) September 2, 2015