Elon Musk unveils new lower-priced Tesla

First affordable electric car from Tesla unveiled

The hotly anticipated Tesla Model 3 has been revealed, and with a low price and high level of spec it looks set to become a winner in its sector.

Red, silver and matte black versions of the $35,000 (£24,500) model will be available, all featuring a continuous glass roof.

Presenting the new model at the company's design studio in California yesterday, Tesla founder Elon Musk revealed that the Model 3 will boast a range of at least 215 miles and will be able to reach 60mph in less than six seconds. He added: 'At Tesla, we don't make slow cars'.

Ample space inside the car means that five adults will be able to sit comfortably, and front and rear storage compartments mean that it will have more available luggage space than any petrol equivalent.

Hours before the reveal, fans of the luxury electric vehicle manufacturer began to queue up outside dealerships across the world in order to be among the first to pre-order the sedan for a $1,000 (£700) deposit.

Tesla unveil all-new Model 3

Tesla unveil all-new Model 3

Priced at less than half the cost of the base Model S and 20 per cent smaller, Tesla hope that its latest model will launch the brand into the mainstream car market.

Currently, the American electric vehicle manufacturer line-up features only luxury models, and as a result they distribute the relatively low figure of 50,000 units a year. With the introduction of the Model 3, it aims to sell 500,000 vehicles annually by 2020.