The Model 3 is a more affordable version of the Tesla Model

                The Model 3 is a more affordable version of the Tesla Model

Musk has described the Tesla Model 3 as "a smaller, more affordable version of Model S with less range and power and fewer features." He added that the "Model S has more advanced technology."

While the Model 3 will still be equipped with Tesla's autopilot system, it won't have any significant new technology or features. It will also be slightly slower than its predecessor, going from zero to 60 miles per hour in 5.6 seconds, compared to 2.3-4.3 seconds with the Model S.

The Model 3 will be able to drive 215 miles in a single charge.

In terms of size, the Model 3 will be 184.8 inches in length with room for five adults, which is a little less than the five adults and two children that fit in the Model S thanks to its rear-facing seats.

And as for the Tesla Model 3 interior and exterior—well, pictures speak louder than words.

Tesla's revenue could skyrocket

Tesla reported revenue of $7 billion for the full 2016 year.

Based on Musk's estimates and Tesla's most recent report on reservations, the Model 3 alone will result in revenue of about $15.7 billion over the course of the next two years. Granted, those statistics are outdated. The reservation figure is from 2016—suggesting that the revenue from the Model 3 could be even higher than that.

Revenue, however, is not the same as profit. Although it's unclear exactly how much it will cost Tesla to build a Model 3, UBS projects that for the company to break even, Tesla will have to raise the price of the Model 3 to $41,000.