The highly-expected BMW 3 Series competitor, the Tesla Model 3 will being taking pre-orders in March 2016. Tesla CEO, Elon Musk took to Twitter to announce the news and to confirm the price for the electric sedan: $35,000.

Musk also says that sedan will start production in about 2 years since a fully operational Gigafactory to produce batteries is needed. Not many details have been unveiled about the new Model 3, but sources have indicated that performance up to 62 mph could eclipse that of the BMW M3, better than 4.1 seconds officially reported by BMW.


Batteries for the Model 3 will come from Tesla’s so-called Gigafactory in Nevada, and sources suggest it will have a range of up to 300 miles on a single charge.

Same sources say Tesla will use bespoke underpinnings because it is will be around three-quarters of the size of the Model S, therefore significantly lower in price.

Tesla could offer an estate and coupe version if the market will demand.