Elon Musk: Tesla To Begin Production For $35K Model 3 In 2 Years

Sep 03, 2015 11:43 AM EDT | John Nassivera

Tesla Motors CEO Elon Musk announced Wednesday that electric car fans will have to wait a couple more years to get their hands on the highly anticipated Model 3.

Musk revealed the news on Twitter, saying that production for the electric sedan will begin in "about two years" because the electric car maker first needs to complete construction for its Gigafactory in Nevada, according to CNET.

"Model 3, our smaller and lower cost sedan will start production in about 2 years. Fully operational Gigafactory needed," he tweeted.

Tesla's $5 billion Gigafactory will aim to produce enough lithium-ion batteries for 500,000 of the company's electric cars by 2020. The first phase of construction for the plant is expected to be completed next year.

Musk also tweeted on Wednesday that drivers in the U.S. will have to fork over $35,000 for the Model 3, adding that Tesla plans on unveiling the car in March, which is when consumers will be able to place preorders, CNBC reported.

"@elonmusk $35k price, unveil in March, preorders start then," he wrote.

The Model 3 will serve as a much cheaper alternative to Tesla's popular Model S, which costs $71,000. However, the Model 3 is expected to come with a shorter range since it's a smaller car and may not be able to carry as many batteries.

Musk's announcement follows shortly after Tesla revealed that those with reservations for the $132,000 Model X will get their SUVs at the end of September.

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