The Tesla Model 3, also dubbed the "Electric Vehicle for the masses" is almost ready for delivery. CEO Elon Musk posted a photo of the most coveted and affordable EV on his Twitter account.

Model 3 only costs $35,000 before incentives and is targeting the mass market. It will soon roll out and everyone is excited, especially the company founder.

Model 3

An image of the electric vehicle was posted by Musk on July 9. It is said to roll out from the assembly line and will be ready two weeks in advance after passing inspection earlier.

Orders for model 3 were opened about three years ago and they got more than 300,000 initial orders after its launch. Today, the company should work double time to fulfill existing orders, not to mention the continuous deposits coming in for the coveted model.

The founder allegedly has high hopes for the new EV model. Musk believes that the release of the Tesla Model 3 will drastically increase the company's total annual sales volume around five times. The photo was released by Musk after industry players expressed their fear of stocks as the demand for the earlier version Model S has declined.

Musk tried to explain the decline earlier this year. He said some people think that Model 3 is an upgrade of Model S thus the decline in the latter's order and the increase in the former.

But the two models clearly cater to two different demographics.

According to Reuters, the registration for new cars has also been declining in many different places. In California, there was a 24 percent decline in April. In Hong Kong, registration for new cars fell to zero after the government cut the tax break for EVs. To deal with the increasing demand for the Tesla Model 3, Musk announced that they will increase production for the model.

100 units will be released in August, 1,500 in September and 20,000 units in December.

Features of the electric vehicle for the masses

The electric vehicle runs for 215 miles per charge. It will also carry the brand's autopilot feature that is said to have been drastically improved and is relatively "safer" compared to other autonomous driving software.

Musk's company said that it is designed to get a 5-star safety rating with its features.

The sedan model is spacious for its price and it can carry five adults. Tesla Model 3 is also the most affordable in the company's range. The only remaining thing now is the release of the first few units so users can test and vouch for themselves whether or not the model lives up to its promise.