California-based company Tesla has launched its lowest-price vehicle so far – the much-awaited Model 3 electric.

The objective was to create interest in new customers with a somewhat limited budget compared to Tesla’s usual clients.

Elon Musk, the company’s CEO announced that the firm’s goal was to put out around 500,000 electric vehicles on the market once production gets rolling at full speed.

The Model 3 can be ordered in advance in many countries across the world besides the US, including: Brazil, Ireland, UK, China, New Zealand and India. The first deliveries will start getting dispatched in late 2017.

If you’re wondering about the price tag, the basic model, with a range of around 346 km per charge, will cost $35,000. The five-seater sedan will feel as roomy to passengers as similar-sized vehicles running on petrol, with storage space both in the front and back of the car.

Also included will be safety features like the autopilot which are already part of Tesla’s existing models and allow the car to steer itself and avoid crashes.

Tesla’s Model S saloon has already gained a market edge over the Nissan Leaf, becoming the world’s bestselling electric car.