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Tesla to show off its affordable Model 3 electric car next March

Telsa CEO Elon Musk has announced plans to reveal its highly-anticipated Model 3 electric car early next year.

The Model 3 is perhaps Tesla’s most significant motor yet as it brings electric cars into the realms of affordability. The car which is set to rival BMW’s 3-series, has a rumoured price tag of around $35,000 (about £22k).

During the company’s earnings call the entrepreneur said: “We are hoping to show the Model 3 in March of next year.”

That purported pricetag is around half the price of the Tesla Model S, which starts at $70,000, while the Model X SUV is expected to cost around the same when it arrives later this year.

The Model 3, which can run for 200 miles on a single charge and is 20 per cent smaller than the Model S, will be attainable for a more mainstream audience seeking to lower their carbon footprint.

However, it’s still going to be a while before drivers will be able to obtain the Model 3, with Musk claiming production will begin at the end of 2017.

Read more: What is Tesla Powerwall

Elsewhere during the earnings call, Musk revealed the company had taken a whopping 38,000 pre-orders for the Powerwall home battery solution, announced last week.

“The response has been overwhelming. Like, crazy,” he said.