Billionaire inventor, Elon Musk spills new details about the most affordable Tesla ever.

TESLA’S entry level car, the much talked about Model 3 will be available in 2017 for $US35,000 ($49,900) according to CEO Elon Musk. Elon Musk , a South African born and American business magnate made this announcement yesterday. Musk reconfirmed the price and estimated that production for the smaller, lower cost sedan will begin “in about 2 years”, citing the need for a fully operational battery factory, or Gigafactory as Tesla calls them, as the delay. He also said that the car will officially be unveiled in March and preorders will begin then, too. The Model 3 will be Tesla’s first entry into the mainstream market. Elon Musk has promised it will have a minimum of 320km electric range, but it’s expected to come in several different variations with more range and power, like the current Model S. Size wise, Tesla’s cheaper car is expected to have a similar footprint to that of a BMW 3 series, which will be one of the car’s main rivals in the market. Analysts are pinning the Model 3 as the biggest deal in motoring in decades and is expected to be the first electric vehicle that the mainstream car buying market will adopt en masse.

Tesla Motors was incorporated in July 2003 by Martin Eberhard and Marc Tarpenning, who financed the company until the Series A round of funding. Both men played active roles in the company's early development prior to Elon Musk's involvement. Musk led the Series A round of investment in February 2004, joining Tesla's Board of Directors as its Chairman.Musk took an active role within the company and oversaw Roadster product design at a detailed level, but was not deeply involved in day-to-day business operations. Following the financial crisis in 2008,Musk assumed leadership of the company as CEO and product architect, positions he still holds today. Tesla Motors first built an electric sports car, the Tesla Roadster, with sales of about 2,500 vehicles to 31 countries. Tesla began delivery of its four-door Model S sedan on June 22, 2012 and unveiled its third product, the Model X, aimed at the SUV/minivan market, on February 9, 2012. Model X was earlier scheduled to begin production in early 2015. In addition to its own cars, Tesla sells electric powertrain systems to Daimler for the Smart EV, Mercedes B-Class Electric Drive and Mercedes A Class and to Toyota for the RAV4 EV. Musk was able to bring in both companies as long-term investors in Tesla. He is the founder of SpaceX which builds rockets for NASA at a much lower cost by applying vertical integration and the modular approach from software engineering. He cofounded Zip2, PayPal, and Tesla Motors, He is chiarman of solarcity and has a networth of $13.6 billion.