California based electric vehicles manufacturer, Tesla Motors Inc, has announced the addition of several new EVs to its product mix. In Elon Musk’s master plan, which was released less than 2 weeks ago, Musk revealed that his firm intends to build an electric minibus, and a new compact SUV, called the Model Y.

The Tesla Model 3 was unveiled several months ago, on the 31/03/016. It is perhaps the car maker’s most important vehicle ever, as it represents Tesla’s entry into the mass market. The Model 3 EV will be mass produced, and it has a relatively inexpensive price tag of just $35,000 (before any government incentives are applied.) Of course, it won’t have the same performance as a Model S or Model X, but it does boast a respectable 0 – 60 MPH time of under 6 seconds. It will have a maximum range of 215 miles, and Supercharging will be available.

A page on the Tesla Motors Inc official site provides more info about the vehicle. It reads “Model 3 combines real world range, performance, safety and spaciousness into a premium sedan that only Tesla can build. Our most affordable car yet, Model 3 achieves 215 miles of range per charge while starting at only $35,000 before incentives. Model 3 is designed to attain the highest safety ratings in every category.”

Musk has previously stated that his firm needs to manufacture around 500,000 vehicles per year to make a profit. This represents a massive increase in the company’s output, which currently stands at under 100,000 cars per year. Tesla is hoping to slash costs by taking advantage of scale of economies. Their new Gigafactory, which is based in Nevada, is set to reduce the cost manufacturing lithium-ion batteries by around 30%.

The Model 3 is undoubtedly a very important car for Tesla, and they need to ensure that their production facilities are able to deliver. As the stock market closed on the 04/08/2016, Tesla Motors Inc’s stock was up by 2.13% (around $4.80), with 1 share valued at $230.61. The firm has a market cap of $33.43 billion.