A man looks around a Tesla showroom in Beijing January 29, 2014. Reuters/Kim Kyung-Hoon

The Tesla Model 3 is a highly-anticipated vehicle as the company has garnered a reputation for launching innovative cars for the global market in general. Pre-orders are piling up for the Model 3 though it is uncertain whether the vehicle will be launched this year despite CEO Elon Musk promising it would.

As per Mobile & Apps, the Tesla Model 3 could well be the most-affordable model for the carmaker and reports suggest that the company is producing the car in large numbers, something that it did not do with its predecessors. Compared to the Model S, the Model 3 will be smaller in terms of design. There will a second storage space under the bonnet.

The Tesla Model 3 is expected to have a third-generation battery technology by the carmaker. The cooling system has been reportedly improved and the battery pack is much denser than the previous model. The new technology enables Model 3 to go further with a single charge without a heavy battery pack.

As per Digital Trends, a user may be able to sleep inside the Tesla Model 3. The rear seats can be folded to clear 66 inches of space behind the front seats. Commonly known as the Camper Mode, it will turn the Model 3’s cabin into a tent. Depending on the battery charge, users can run the AC overnight and sleep in peace due to the Model 3 being totally silent like most electric cars.

Musk has officially confirmed that the Tesla Model 3 will have a base range of 215 miles and would cost around US$35,000 (AU$46,385) before tax incentives. The larger battery models may hit 250 miles. Tesla made US$10 billion (AU$13.25 billion) in pre-orders within the first 36 hours. It reportedly had the biggest one-week product launch ever.

The vehicle is said to be in its final design stage. For more updates on the Tesla Model 3, stay tuned on IBT AU.