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The Tesla Model 3.
Musk tweeted on Friday that the Model 3 shouldn't be seen as the "next version" of Tesla in the same way that people compare version 2 and 3 of the iPhone.
"Model 3 is just a smaller, more affordable version of Model S [with] less range & power & fewer features," Musk said. "Model S has more advanced technology."
He also took a jab at Ford, which foiled Musk's dream of having a car line-up that spelled "sexy." Musk originally wanted the Model 3 to be dubbed the Model E, but Ford filed for the Model E trademark.
That led to one of Musk's more excellent quotes at the time: "Like why did you go steal Tesla's E? Like you're some sort of fascist army marching across the alphabet, some sort of Sesame Street robber?"
Musk appears to be tempering expectations ahead of the Model 3 launch, Tesla's first mass-market vehicle priced at $35,000 before tax incentives.
Musk has said the Model 3 will be able to accelerate to 60 mph in less than 6 seconds and have a range of at least 215 miles. That would put the car on par with Tesla's Model S 60, which Tesla is removing from its lineup after April 16.
But the car will come with Tesla's new hardware suite that improves Autopilot's capabilities and will enable it to be fully driverless, pending regulatory approval and further software validation.
Just like the Model S, the Model 3 will only come with rear-wheel drive for early production, Musk said on Twitter.
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Elon Musk
Tesla received close to 400,000 pre-orders for the Model 3 and has sold out a year's worth of the car. Deliveries are expected to begin at the end of this year and Tesla has prepared the Fremont factory for production.
The automaker recently raised $1.2 billion ahead of the Model 3 launch as the company was getting "close to the edge" on its cash needs, Musk said ahead of the capital raise.
There's a lot of pressure for Tesla to get its Model 3 out on time. Both the Model S and Model X faced delays and Tesla has said it plans to produce 5,000 Model 3 sedans a week in the fourth quarter.