Tesla Unveils Model 3, Electric Car for Masses

Elon Musk, owner and Chief Executive of Tesla Motors, headed the preview of the much anticipated Model 3 sedan during Thursday's event at the company's Hawthorne, California facility. Unlike its early models, the Model S and the new Model X crossover, the Model 3 is purported to have mass-market pricing with its base price at around $35,000 before tax credits.

The Model 3 project was announced back in 2014 though the concept dates back a decade after the original Tesla Roadster. The newly unveiled model is likely to have 200-mile range as a baseline though it is expected the final version of the Model 3 will well exceed that.

Musk, who is also the CEO of SpaceX, announced that the Model 3 can go from 0 to 60 mph in a little under six seconds and will sport the popular autopilot hardware.The Model 3 sedan will also "comfortably" seat five adults and will have spacious front and rear trunks, Musk said.

It is reported that the newly unveiled prototype will come in multiple battery capacity option as well as multiple variations. Apart the Model 3 sedan, a crossover and an SUV is reported to be on the way. It is suspected that a Model Y compact crossover is along the way as Musk has once hinted about it on Twitter last year.

In the unveiling, Musk to time to thank those who bought the Model S and Model X as it allowed to company to make the new Model 3 possible. "So to all of you who bought an S or an X, thanks for paying for this," he said.

The unveiling of the Model 3 is much anticipated by car enthusiasts and loyal Tesla fans alike. A day before the event, crowds of people have already start building up near the event venue. A number of hopeful buyers also lined up on Tesla stores to pay $1,000 each and reserve the new Model 3.

Watch the video of Tesla's Model 3 unveiling here: