Tesla has finally unveiled the much-awaited Model 3 electric car at the company's design studio in Hawthorne, California, The Verge reported.

CEO Elon Musk hopes the new variant will take the electric car to the masses. He said that the car will deliver at least 215 miles of range beginning at just $35,000 and emphasized that deliveries will begin by the end of 2017.

"You will not be able to buy a better car for $35,000, even with no options”, Musk said, adding that it will be one of the safest cars in the world.

Speaking of features, the car will do 0-60 mph in less than 6 seconds. All Model 3 cars will include support for Tesla's high-speed Supercharging network and by the end of 2017, Tesla claims it will have a total of 7,200 Superchargers, double the number currently available.

Similar to the Model S, the Model 3 will come in both rear-wheel drive and all-wheel drive versions. There is a 15-inch landscape touch-screen inside, autopilot hardware is standard, and all safety features will be active automatically.

The car is spacious and can comfortably fit five adults, Musk said, adding that "comfortably is the important part here”.

"You are sitting a little further forward," he explained. "That's what gives you the legroom to have five adults."

The rear roof area is one continuous pane of glass, which gives an amazing feeling of openness, he said. It will also have front and rear trunks for storage, similar to Model S.

"More cargo capacity than any gasoline car of the same external dimensions," Musk said.

Tesla claims that over 130,000 preorders have been already placed and that number will continue to rise. Buyers need to put $1,000 down to preorder.