In the midst of announcements surrounding its upcoming Model X vehicle, Tesla CEO Elon Musk today confirmed that the company plans to begin production of a new “Model 3” vehicle in approximately two years. It also plans to open up preorders mid next year as it reveals starting prices for both the upcoming Model X and Model 3. 

Musk made the announcement through his official Twitter account where the executive also confirmed a $80,000 starting price for the new Model X vehicle just as the company opened up its online customization feature to select reservation holders earlier this week. 

In addition to announcing that the Model 3, the fourth vehicle for Tesla following the original Tesla Roadster, Model S, and the upcoming Model X, would start production by late 2017, Musk confirmed that the company plans an official unveiling of the vehicle in March of next year.

Musk added that the vehicle would start at $35,000, significantly cheaper than the Model X’s $80,000 starting price, which is slightly more expensive than the current Model S.

The production schedule planned for late 2017, however, is dependant on Tesla having its new Gigafactory up and running. Musk added that caveat to his announcements today: “Fully operational Gigafactory needed.”

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