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Tesla Motors has unveiled the final piece of its ‘Secret Master Plan’, the low cost mass volume Model 3 full electric vehicle. Over 115,000 deposits were made in 24 hours and over 276,000 in 48 hours – Australian customers were the first in the world to do so. Local pricing is expected to be around $60-70,000.

After an introductory speech streamed online to the Melbourne Tesla dealership this afternoon, Elon Musk promised the Model 3 would cost US$35,000 (AUD$45,700) and do 0-100km/h in under six seconds, with a range of over 350km also vowed.

The Model 3 will come as standard with Autopilot, Supercharger capability and the bonus luggage space of a front compartment. “I’ve been asked and can confirm, the Model 3 can in fact fit a 7ft-long surfboard with the seats folded,” Musk laughed. The Tesla CEO also said he’s “fairly confident” deliveries will being at the end of 2017.

Model 3 is planned as the platform for a variety of future Tesla vehicles, possibly including commercial transport. “We could be doing light trucks one day,” says Heath Walker, PR and Marketing manager for Tesla Australia.

Future Model 3 owners and certain current customers await the unveil in Melbourne.

Future Model 3 owners and certain current customers await the unveil in Melbourne.