Tesla CEO Ellon Musk has hinted that the company’s low cost Model 3 sedan will be available for pre order starting March next year.
The revelation was made in a series of Tweets, one of which said: "Model 3, our smaller and lower cost sedan will start production in about 2 years. Fully operational Gigafactory needed."
Tesla has not provided any details about the car but Musk said that it would cost $35,000, which is much less in comparison to the $71,000 price tag, that model S carries.
The company has been reportedly looking to use low cost lithium-ion battery in the car, and in an attempt to do so it has started building a $5bn factory in Reno, Nevada.
The batteries produced in the facility are expected to reduce the per-kilowatt-hour cost of its lithium-ion battery packs by over 30%, reported Fortune.
However, Musk said that the low cost electric car would be built at the company's Fremont, California facility, which was upgraded in 2014 with, add capacity to the body shop, and enhance powertrain assembly.
The factory has a capacity to produce 100,000 vehicles annually and Model X, Model S has already rolled out of the assembly.