Tesla Model 3 will be the first electric car you can remotely afford

CEO Elon Musk announces the electric car's debut

During Tesla's latest quarterly earnings conference call on May 6, CEO Elon Musk announced the unveiling of the long-awaited Tesla Model 3's design in March of 2016.

The Model 3, which will be approximately 20% smaller than the spacious Model S, was made in hopes of bringing an affordable electric option to the mainstream market. Tesla looks to price the Model 3 at $35,000 (about £23,048, AU$44,197,) starting it at half the price of the Model S. While this isn't "cheap" by any stretch of the imagination, it's the most economical option that the high-end electric car maker has offered.

Musk also disclosed a broad window for releasing the new electric car, aiming for late 2017. However, given Tesla's track record with release dates, it's entirely possible that we won't actually drive a Model 3 until 2018. Tesla's debut crossover vehicle, the Model X, is set to debut later this year, which Tesla is counting on to alleviate some of its losses in 2015's first quarter.

To Musk, however, it's not all about the profit. He counts himself as an innovator at heart who wants to see the idea of electric vehicles catch on outside of Tesla. When asked on the conference call whether Apple's recent, possibly unofficial interest in electric vehicle transportation would be a detriment or benefit to Tesla, Musk replied, "I certainly hope Apple gets into the car business, that'd be great." Musk appears to be, in essence, looking towards the bigger picture.

Via BGR