Count on Elon Musk to create electric car hype for the masses even when Tesla's history of fulfilling promises on time has been notoriously bad. Well, sure enough, Mr. Musk displayed the first official Tesla Model 3 in front of their production facility in California, and it looks like the real deal, instead of some semblance of a prototype. 

model3 black

380,000 people certainly believe in what Musk is doing with his "affordable" electric car for the masses. They did, after all, deposit $1,000 each last year for a spot on the list to receive the Model 3 when it officially arrives. Musk did more than just show more revisions to the prototype that has been seen (and driven). He tweeted photos of the first production Model 3 on Saturday, and it looks pretty good. Like a blend of the Model S sedan and Model X SUV. 

model 3 musk

The Model 3 has an estimated all-electric range of 215 miles, and it will come in at a base price of $35,000, well below the $68,000 asking price of the Model S. It will include Tesla's latest technology and will also have their most advanced autonomous technology. Though the reveal is big news, the hurdle is still high since Tesla has to ramp up production from 30 this month to 20,000 Model 3s by the end of the year. The planned production schedule looks like this:

  • July 2017: 30 cars
  • August 2017: 100 cars
  • September 2017: 1,500 cars
  • December 2017: 20,000 cars

These are some significant numbers in short period of time, so we'll have to see if Tesla will be able to pull it off. Analysts have estimated that total deposits for the Model 3 sit between 400,000 and 500,000. Musk thinks it will take about a year and-a-half to fulfill them based on the production schedule.