Elon Musk, the co-founder and CEO of Tesla, has officially introduced a new electric-vehicle (EV) called Model 3, which is the company's most affordable car yet.

Musk did not reveal full specs of the Model 3 but here are some important information about Tesla's latest EV.

Price

Musk confirmed that the Model 3 sedan will be the cheapest Tesla EV with a price tag of $35,000. Tesla's Model S has a base price of $70,000.

The Model 3 may be the cheapest EV produced by the company but it is not the cheapest EV available in the market. The 2015 Fiat 500e hatchback is priced at $32,300 while the price of the 2015 Ford Focus Electric starts at $29,170. The 2015 Nissan Leaf priced at $29,010 and the 2015 Volkswagen e-Golf that costs $27,945 are some cheaper cars than Model 3.

Speed

Tesla claims that the Model 3 can reach 0 to 60 miles in less than six seconds. The 2015 Fiat 500e takes about 8.4 seconds, 2015 Ford Focus Electric 9.4 seconds and Nissan Leaf less than 10 seconds to accelerate from 0 to 60 miles.

Mileage per charge

Tesla suggests that the Model 3 is capable of delivering 215 miles in one full charge, which is more than double than the 2015 Fiat 500e and 2015 Ford Focus Electric, which deliver just about 100 miles per full charge.

Availability

Musk confirmed that the production of the Model 3 will start in 2017 and deliveries will also start during the same time. Customers who are interested in the upcoming Model 3 can also reserve the car for just $1,000.

"Model 3 production is scheduled to begin in late 2017. When production begins, we will begin deliveries in North America starting on the West Coast, moving east. As we continue to ramp production, we will begin deliveries in Europe, APAC and right-hand drive markets," said Tesla. "It is not possible to ship to all regions simultaneously because regulators in each part of the world have slightly different production requirements. Staggering deliveries in this way also allows us to provide the best possible customer experience."

The upcoming Model 3 offers seating for five adults. Musk highlighted that five adults can "comfortably" sit in the car.

The Model 3 has received five star safety rating in all categories, which means that safety is one of the most important factors for Tesla.