Tesla has long been known for being innovative with electric-powered cars that are safe and fast, but at a hefty price tag.
On Thursday, Elon Musk announced that its newest Model 3 will be sold at $35,000. When the first Model 3 was released in 2017, the MSRP started at $44,000.
Tesla says that the new Tesla Model 3 has a range of 220 miles, and can go from 0 to 60 MPH in 5.6 seconds. The new Tesla Model 3 has a top speed of 120 MPH, and a 5-star safety rating.
Last year's Model 3 had a 240-mile electric range, and sold for $40,000.
Tesla said to keep costs down, the company is moving toward selling vehicles exclusively online. The company said it plans on closing many of its locations, only keeping open a select number of high-traffic locations as information centers.
For more information on the Model 3, click here .