The Long Range model, which is being delivered now, has an EPA-estimated range of 310 miles, a 0-60 mph time of 5.1 seconds and a top speed of 140 mph.
Long Range models will offer more, well, range.
Whereas the Model S and X are predominately constructed from aluminium, the 3 features greater use of steel but still weighs in at 1,609kg (in standard spec) in comparison to the base Model S at 1,961kg.
Elon Musk's company Tesla has finally made its long-promised affordable electric vehicle.
More than a half-million customers have placed deposits to get on the waiting list for the Model 3, and anyone wanting one will have to wait at least until 2018.
Rumours had swirled for months that Tesla would make this move, but we now have confirmation.
This initial batch was 50 cars, 30 of which were delivered to customers and 20 of which will be held back for engineering validation. About 60 percent of the auto comes from the USA, with 30 percent coming from outside North America and 10 percent from Canada and Mexico.
Some of the executives responsible for the Model 3 have been there from the beginning, leading Tesla from a tiny upstart to an icon of automotive desire. Once an automaker sells 200,000 electric cars in the USA, the credit phases out.
"Almost anything that goes wrong anywhere in the world, if we haven't buffered the supply chain, will interrupt the production progress", Musk said. The standard model has a 220-mile range, five-seats, and can hit 131 miles per hour for a price equivalent to the median United States vehicle price.
Eventually, two varieties of the Model 3 will go on the market.
Mr Musk said revenue from the more expensive models has funded the new line. "A lot of people don't realize that", Musk said. A $5,000 premium options package includes an all-glass roof, open-pore wood decor, premium sound, heated seats, and premium seat materials.
She also wants to support Musk's bold vision.
Like its predecessors, the Model 3 is fully electric and on-board computers can handle driving tasks.
We even got to hear some candid insights from an obviously exhausted Elon Musk about its development prior to the official handover of the first 30 production cars.
Various changes make the Model 3 simple and cheaper than Tesla's other offerings. Musk reiterated at the event that he expects to soon build the cars at a rate of 5,000 a week, ramping up to 10,000 a week by the end of next year, and that customers who order the cars now would likely receive them late next year.
Not only does the Model 3 have to contend with competition from established automakers that already have solid sales and fix operations in place. As with other electric cars, buyers will still be able to subscribe to other charging-point companies, as well as charging from their own domestic electricity supply.
There's a high probability of high-performance versions of the 3 arriving later, priced to compete with cars like the BMW M4 and Mercedes C63 AMG.