Tesla announced new details for its Model 3 — here's what you need to know (TSLA)

model 3 event

Tesla held its handover party for the Model 3 on Friday night, kicking off the start of production for its first mass-market vehicle.

Tesla has secured an estimated 500,000 pre-orders for the Model 3 since the vehicle was first unveiled in March 2016. Starting at $35,000, the Model 3 is Tesla's first car geared at a consumer audience.

Despite its 2016 unveiling, Tesla CEO Elon Musk still had a few surprise announcements about the Model 3. Here's everything you need to know:

First, the basics. Tesla will offer six color options for the Model 3: black, midnight silver metallic, deep blue metallic, silver metallic, pearl white multi-coat, red multi-coat.

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.

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.

See the rest of the story at Business Insider