Anyone interested in ordering a Model 3 now will have to wait. Tesla says Model 3 deliveries for people who order today will begin mid-2018 the earliest.
For new customers, Tesla is only selling Premium Model 3 sedans with rear-wheel drive at the moment.
The Model 3 comes with 18-inch wheels, but customers can pay an extra $1,500 for 19-inch Sport wheels.
Tesla is offering a suite of upgrades for the Model 3.
Tesla customers can opt to get the Premium Upgrade package for $5,000, which includes features like USB ports, a tinted glass roof with ultraviolet and infrared protection, LED fog lamps, and surround speakers.
Model 3 owners get access to Tesla's massive Supercharger network.
Tesla's Supercharger network is nothing to sniff at. A Supercharger can restore 170 miles of range in 30 minutes. That's much faster than a Tesla partner station or a wall socket.
Better yet, Tesla says it is more than doubling the number of Superchargers worldwide by the end of 2017. The gray dots on the map above show the new Superchargers expected to come online by the end of the year.
But the perk is no longer free. Unless you can snag a referral code from a friend, you will have to pay for access once you've reached 1,000 miles. Thankfully, it's a small fee.
The Model 3 comes equipped with a new suite of sensors that can support full autonomy.
The Model 3 comes with seven cameras, one radar sensor, 12 ultrasonic sensors, and a new Nvidia Drive PX2 supercomputer to support Tesla's second-generation Autopilot system, dubbed Enhanced Autopilot.
Tesla says Enhanced Autopilot will eventually allow the car to match its speed to traffic conditions, automatically change lanes without driver input, merge on and off highways, and park itself. Tesla owners could also summon the car in more complex environments, like a crowded parking lot.
It costs an extra $5,000 to activate Enhanced Autopilot features at the time of purchase, but standard safety features will come free.
Tesla says the new hardware will eventually allow the cars to drive themselves. But the self-driving feature will cost an additional $3,000 after purchasing Enhanced Autopilot. The regulatory environment will determine when Tesla can release the fully driverless system.
Tesla said the Model 3 was designed to achieve a five-star safety rating.
Tesla has been a leader when it comes to safety. The government recently dubbed the Model X the safest SUV ever after it earned a five-star rating in every safety category and subcategory.
The Model S has also secured a five-star rating in every category. Musk showed a crash test at Friday's event where a Model 3 appeared to fare better than a Volvo S60, which has received a five-star safety rating.
Here's a look at the back seats. Those can fold down if you want more room in the trunk.
Business Insider's Matthew DeBord saw the car up close and said the back is roomy and comfortable.
The interior is also very minimalist and no-fuss. A massive, 15-inch tablet replaces a traditional instrument cluster.
There are no buttons or knobs — just the massive display. Unlike the Model S and Model X, the tablet in the Model 3 is horizontal.
Tesla will also sell a premium version of the Model 3 with a range of 310 miles. Priced at $44,000, the car can accelerate to 60 mph in 5.1 seconds and reach a top speed of 140 mph.
Customers who pre-ordered the Model 3 will be contacted when Tesla is ready to produce the car. If they choose to keep the base option, the car won't start rolling out until fall of this year. Those who pay extra for the Premium trim may get the car earlier, as Tesla will begin producing the high-end models this summer.
Tesla's big selling point for the Model 3 is its affordability, with a starting price of $35,000 before tax incentives. The base Model 3 can drive 220 miles on a single charge, accelerate to 60 mph in 5.6 seconds, and reach a top speed of 130 mph.
The latest models of the Nissan Leaf and the Hyundai Ioniq Electric cost about $30,000 but have more limited ranges of 107 miles and 124 miles.
The Model 3 will compete more closely with the Chevy Bolt, which can drive 238 miles on a single charge and starts at $37,495.