Tesla Model 3 electric vehicle is one of the most anticipated vehicles with around 400,000 pre-order deposits (worth about $10 billion) ahead of its launching late next year. Tesla has already set the production date on July 1, 2017, while deliveries can start in the fall of 2017.

Complete Specs

Here's what we know so far about Tesla's most affordable electric car ahead of its scheduled production:

Third-generation battery technology:

Tesla Model 3 will have the same battery tech as the ultra-quick P100D variant. The newest battery pack will be much denser than its antecedent, and it also will have a comprehensively updated cooling system.

New Interior:

Instead of an integrated tablet that was featured earlier in the Model S, Model 3 will utilize a floating screen. It's also been rumored that a new high-tech display will show the cars speed, battery charge, and navigation info to the driver, in order to simplify the dashboard.

Model 3 owners will also be able to fold the rear seats flat. Referred to as Camper Mode, the new feature will turn the car's cabin into a tent.

Tesla Model 3 will also be completely silent so it may also be possible to run the AC overnight provided the battery pack has enough juice left. New Tesla's model will have more interior space than any car with its exterior dimensions.

The tall side glass means there's plenty of headroom, however, and an enormous panoramic rear glass that curves over the rear passengers' heads helps give the cabin the feel of airy spaciousness.

Ludicrous Mode:

Tesla fans were very curious about the ludicrous mode. Musk has shortened their misery and announced that the ludicrous mode, which was earlier featured in the Model S and X would also find its way into the Model 3. This doesn't just confirm Model 3's performance potential, it also predicts that the Model 3 will have a wide price range.

Tesla Model is expected to have a price around US$ 35,000. In China, you need to deposit CN¥ 8,000 upon placing an order.

GM's Chevy Bolt price is going to be  $37,495, a bit higher in comparison to Tesla Model 3 which will cost $35,000. It's interesting how Tesla and Chevrolet fight a silent war in the race to produce the most wanted economic electric vehicle for a rapidly growing market.