On March 31, the details of Tesla’s latest car--the Model 3-- were released. As a Tesla stockowner, car nerd, and Elon Musk fangirl, I was naturally stoked. Before I get to the Model 3 specifically, let me give you the quick facts about Tesla. But, if you want a really detailed history of the company, check out this Business Insider article.

The things that sticks out to me most in their history though is a section of a post from Elon Musk’s blog in 2006. This is two years before their first car was released. It read,

“So in short, the master plan is:

Build affordable sports car

Use that money to build an affordable car

Use that money to build an even more affordable car

While doing above, also provide zero emission electric power generation options

Don’t tell anyone”

And that’s one of my favorite things about Musk. He has a master plan--and accomplishes it. Tesla’s first car was its sports car, the Roadster. They followed that up with the Model S. And then they released the Powerwall (power generation). Next was the Model X, an SUV that wasn’t initially in the plan, but moved the company forward even more.

And now, the final piece is falling into place. Pre-orders for the Model 3 just opened up today. For $1,000, you can secure a place in line for the car, set to be delivered late in 2017. The total cost of the car will be $35,000, and that’s before federal and state level tax refunds (max of $7500 and $6000 respectively). So it definitely fits the criteria of “affordable.” But why start taking orders over a year before it is set to be released? Well, the main reason is for Tesla to get an idea of how many orders they are going to have to fulfill in the first batch. By midnight on Thursday, over 150,000 pre-orders had been placed. This is kind of huge for a company that produced around 50,000 cars last year. At the same time, this is an issue for the company. Historically, they have run late with their releases, and there is still a backlog of people waiting to receive their Model X’s. To make the 2017 release date, they will have to more than triple their production capability. To do this, they plan to open a new assembly plant, as well as two new manufacturing plants. But there’s still the question of whether or not that will be enough.

But if it can deliver, Tesla is virtually guaranteed huge success. According to the announcement on Thursday, the Model 3 should have a 215 mile range, and a 0-60 time of under six seconds. Musk said he expects these numbers to be better in the actual production. It will also have the full support of the Supercharger network (free charging stations for Tesla owners across the country) and autopilot features. When it released, there will be no other car of its class. Other affordable electric cars, both planned and already on the market might fall lower in price, but have specs that’ll let you know. Not to mention looks. Most electric cars on the market look like glorified golf carts, whereas the Model 3 has a much more sleek, space-age appearance.

Take a look at their website to see more details and photos if you are interested!

The fact that it is a quality car isn’t the only reason that the Model 3 is so exciting. To me, it represents a possible new era for the auto industry. Tesla is a (relatively) small company, and is a newcomer to the field. Before Tesla was around, everyone said you couldn’t make an electric sports car, an electric luxury sedan, an electric SUV, that not only can compete with their internal combustion counterparts, but surpass them in terms of performance and safety. At this point (and until Model 3s start being delivered), Tesla is just a proof-of-concept, high-end car company. But this is the Model 3 is what will make or break them. They’ll either grow into a large-scale auto manufacturer, or fail as a startup that tried to grow too fast.