Tesla Model 3 spotted during testing for the first time

The Tesla Model 3 actually looks ready for series production

Caught completely undisguised, the Model 3 is Tesla's latest model set to be released this year in a small release scale before its anticipated retail debut next year, according to the latest from Tesla head Elon Musk.

The Model 3 has been somewhat toned down from the version that was shown last year, but looks similar and a little like a shrunken Model S. The extremely short rear deck suggests a hatchback configuration.

The fourth EV to wear Tesla's badge will go on sale in 2017, but the company allows clients to reserve their car through a $1,000 deposit. Once shippings are underway, the Tesla Model 3 will be available for a starting price tag of $35,000. So far (at the time of writing of this article), Tesla Motors received no less than $115 million from interested buyers who wanted to secure a Model 3. That's 115,000 customers in less than 24 hours.

Caught benchmarking with the BMW 3-Series, suggests it's going after the Bavarian luxury brand. A base Model 3 is expected to have a range of 215 miles, but more expensive versions should get larger systems to go more than 300 miles, as well as offering all-wheel drive and a "Ludicrous" Mode as on the other Teslas.

You can clearly see the production interior, too, in these shots. A more horizontal screen replaces the vertical unit in the Model S and Model X. There's no instrument panel in front of the driver, either. Tesla is banking on the Model 3 to fulfill the expectations of their investors, that earlier this week brought the company's market capitalization above that of Ford's.