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The Tesla Model S is a cool electric car, but costs an unaffordable $71,000! So now there's a new one on offer.

Elon Musk, Chairman, CEO and Product Architect of Tesla Motors, said that the electric car will be priced at $35,000. He announced the launch of the car on March 31, in an interview with Bloomberg.

It might even come down to $25,000, if federal and state tax incentives are not taken into consideration, he said.

However, will it be a concept car or one with a full spec-sheet? Will it have a more compact body? Musk has not really revealed whether it would be just a concept or a real car or not, Jalopnik reported.

Being priced lower, it will be sold with fewer features than the earlier models. The company is not offering a signature series for the Model 3.

Still, you can pre-order it by the March launch date, and there is more data on the reservation requirements too in Musk's Twitter post. He writes: "Model 3 reservations ($1000 down) will be accepted in Tesla stores on March 31 and online April 1".

However, the production will only begin in 2017.