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Tesla Motor Events

One of the knocks against Tesla (besides the slight chance of the automaker’s cars going up in flames) is that the sexy zero-emission rides are darn expensive. Case in point: The much ballyhooed Model S starts at $69,900.

But a more affordable Tesla is on the way. CEO Elon Musk recently announced that a new model, called the 3, will start at around $35,000. The 3 is set to be on sale by 2017.

Here are some additional details, via an exclusive with U.K. car mag Auto Express:

The new car is rumoured to be about 20% smaller than the Model S and our image shows how it could look. Key to the new model, which Musk said should retail for around $35,000 (likely to equate to around £30,000 in the UK), is cheaper battery technology made possible by Tesla’s forthcoming Gigafactory.

Yes, $35K is still steep, but a 50 percent price drop from the S to the 3 — in just three years — bodes well for even more cost-friendly iterations down the line.

Honk if you like that idea.