The Tesla Model 3 is entirely electric. Source: Electrek

The Tesla Model 3 has finally been launched and the few people who witnessed this momentous event in Fremont, California, may have just witnessed a new chapter in history.

The same can also be said for the nearly 500,000 people around the world who have placed a $1,000 reservation deposit for the car. The arrival of Model 3 is no doubt a remarkable event in the automotive industry - it’s the most discussed fully electric car and while there’s been a lot of work and investment gone into it, if Tesla gets it right, it will make an everlasting mark in the automotive industry that for nearly 100 years has relied on gas and diesel to power its future.

The biggest challenge for Tesla was to build an affordable electric car and fight off any competitor in this space. Before the Model 3 came to market, other car companies had tried and failed. What Tesla is looking to do is offer a seamless experience of driving an electric car. The US car maker simply wants to make it easy for anyone to step into its showrooms, buy the car, and take long road trips without worrying about the fuel.

The Tesla Model 3 is minimalistic, but complete. Source: Business Insider

But the Model 3 is more than just an electric car. Being entirely electric car is a big step, but it’s also the platform for building self-driving cars in the future. The Model 3 at the moment is a semi-autonomous car that can only drive itself on highways - there has to be a person behind the wheel for this to happen. However, Tesla is working on full autonomy and once it finally cracks the code, the car maker will be able to send an over-the-air update that will make the car fully autonomous.

Model 3 has the goal of being accessible and easy to use. Source: Business Insider

Tesla will also be using the Model 3 as an opportunity to scale up its manufacturing. The company is planning to build about 500,000 cars by 2018. Experts argue that if the Model 3 is as good as advertised, the company will be the pioneer of a new niche of “cool electric cars”. The company is also building a huge battery factory for these cars and if it can help accelerate the transition from diesel and gas to sustainable renewable energy in the auto sector, there’s so much upside for great returns.

The Model 3 is hot and this is a big part of the design. But that’s not what sets it apart. The Model 3 is one of the most technological cars you can find. From an onboard super computer to sensors, it simply has it all - and a bit more. Besides, the company can push over-the-air updates just like in a smartphone.

Electric cars are seen by many as the cars of the future and Tesla agrees. With the Model 3, they hope to become the pacesetter for the market.