Axios, -0.00% The electric car company unveiled its new electric vehicle, the Tesla Model 3, on Monday at the Shanghai Auto Show.
It has yet to show off the Model 3 in China, though the automaker’s CEO Elon Musk said it was “very exciting.”
The Model 3 is priced at $37,000 ($46,000 for the sedan and $47,000 as an all-electric crossover).
Musk said the vehicle is designed to “change the way you think about transportation.”
Tesla’s Model 3 sedan, shown here, has an engine rated at 3,500 horsepower.
The company is now offering a range of 3,200 miles and a price tag of $57,000.
(AP Photo/Jenny Starrs, File)The automaker also announced a new SUV, the Model X SUV, for which it plans to introduce a new sedan and crossover.
The new SUV will go on sale in 2019.
Musk said in January that Tesla would begin offering cars with “autopilot” features.
Musk has previously said he wants to make Tesla cars more affordable, and his new vehicle will be “much more accessible” than its existing model.
The automaker has said it will offer two different models of the Model S sedan, with a range that can reach nearly 300 miles on a charge.
The company said it has “no immediate plans to launch vehicles outside of China.”
Musk has said that he hopes Tesla will eventually be able to offer vehicles in other countries.
“China is one of the largest markets in the world for electric vehicles and Tesla is committed to continuing to develop and expand our portfolio of electric vehicles, including the Model C and Model X,” Musk said at the start of the press event.
“We will continue to make great progress in this area, and we are confident that we can reach our goal of building a global battery-electric vehicle market in the next few years.”