Tesla Motors Inc (NASDAQ: TSLA) will unveil on Thursday its new mass-market electric vehicle, Model 3, in Hawthorne California at 8:30 p.m. Pacific Time. Online reservations will start tonight during the presentation that will be broadcasted on Tesla.com.

Elon Musk, founder of Tesla Motors and SpaceX, said on Thursday that people “won’t be disappointed” with the Model 3. Rumors seem to suggest that the new vehicle will have a base price of $35,000, as a result, its presentation has caused a lot of hype and expectation worldwide.

Tesla will unveil on Thursday its new mass-market electric vehicle, Model 3, in Hawthorne California. Credit: Autologia.com.mx

The development of the Model 3 was confirmed in mid-2014, years after the entrepreneur Elon Musk decided to create different, potent and accessible electric vehicles (EV). The project first started with the Model S and the Model X, which can go from 0 to 60 miles per hour, in 2.8 seconds and 3.2 seconds respectively, without using a single drop of gasoline.

However, the first two Tesla models enter into the luxurious spectrum of cars, unlike the new Model 3, which will be part of the “affordable” segment, offering a basic version and extra luxurious features that can be selected depending on the customer’s preferences.

For instance, the Model S goes from $75,000 to $130,000 depending on specs such as battery and drivetrain, explains The Verge. It appears that the Model 3 will be the main competitor of the awarded BMW 3 Series, which also costs $33,000.

“Incredibly inspired by the interest in Model 3. You won’t be disappointed. Also, small token of appreciation coming for those who lined up,” said Elon Musk on Twitter. “Tomorrow is Part 1 of the Model 3 unveil. Part 2, which takes things to another level, will be closer to production.”

Tesla has only manufactured 100,000 cars since it was created. When the Model X was presented, customers had to make a reservation and wait for months until their vehicles were delivered. This time, Elon Musk is planning to build approximately 500,000 cars per year by 2020.

According to auto analysts at Stifel Financial Corp and Baird, Tesla has evolved and has learned from its mistakes, by “stunningly” enhancing its flagship factory in Fremont and improving assembly lines, paint shops and robots. Moreover, the company has jumped from having 900 employees in 2010, to 13,058 in 2015.

Starting today, customers can make a $1,000 deposit online or in Tesla stores, to be part of the waiting list. However, the first Model 3 vehicles will be delivered on late 2017 in the U.S. and then in the UK and Australia.

Tesla stores open up on Thursday morning at 10 a.m. Pacific Time. People who will make the first reservations will go blindly since the vehicle will be unveiled at 8:30 p.m. Pacific Time. Tesla fans are already gathered at stores in New York, California and Australia.

“We’re inventing a whole new platform for Model 3. It’s a new battery architecture, it’s a new motor technology, brand new vehicle structure. It’s a lot of work. This is something we started on even a few years ago. It is a brand new vehicle, and it has to be,” said Tesla CTO JB Straubel said during a Q&A session, according to BGR.

Source: The Verge