This is good news for anyone who loves the idea of the Tesla but feints at the price (yours truly included).
The Model 3 will be priced around $30,000 and be introduced later this year.
Pre-orders are already being taken.
Industry insiders have noted Tesla has already sidestepped a few mistakes it made with its Model X a few years ago.
Issues with crash-testing and aluminum frames have been been dodged. The new Model 3s will be mostly steel and its Fremont, CA factory has already made significant strides in testing their prototypes.
You can expect a slimmed-down version of the car, but Tesla has assured everyone that the 3s will have its legendary autopilot feature as well as improved mileage per charge.