Tesla is going to have add extra capacity to cope with the demand for the new Tesla Model 3 which was revealed overnight and is carrying 198,000 advanced orders.

THE ELECTRIC CAR might be here for good. Tesla CEO Elon Musk revealed yesterday, prior to the reveal of the Model 3 that the company might have to rethink production capacity. Later revealing that there were, around the world, 198,000 advanced orders for its new electric car – a fully refundable deposit of USD$1000 was required to get your name on the waiting list.

Indeed, 115,000 placed reservations for the Model 3 in the 24 hours leading up to the reveal, with many potential buyers camping out overnight to be first in line to place an order for one, including in Australia. That was before images, details or pricing had been released.

Musk said he’s hoping the car will be in full production and on sale next year but, given Tesla’s record on model delays a better bet might be sometime in early 2018.

So, what is the Model 3? Well, for a start, if you look at the images, it’s a cross between a sedan and a hatchback and is about BMW 3 Series in size, although to the eye it looks smaller than that. It’ll seat, says Musk, five adults in comfort, will have a minimum range of 215 miles (or 344km) will hit 96km/h in 6.0 seconds and is priced from USD$35,000, which is around $45,000. Australian pricing hasn’t been announced yet, but speculation would suggest that once you factor in freight and other taxes it’s more likely the Model 3 will be priced north of $50,000.

“I want to emphasize that even if you buy it at $35,000 — no options at all — this will still be an amazing car,” Musk said at the reveal.

Despite the hype and the long reveal yesterday, Musk and Tesla have still kept a relatively tight if on ultimate details. But, Musk did say the Model 3 would come standard with Tesla’s Autopilot System and be able to use its Supercharger network. He also said that there would be “much faster” versions of the Model 3, so expect to see Ludicrous Mode appearing on a brochure about the thing.

Musk tweeted that last night’s event was just Part 1 of three such events for the Model 3. So, stay tuned for more Model 3 news.

Question, is the pricing and styling finally right for you to swap your petrol/diesel-powered car for an electric vehicle?