Tesla Motors unveils much-anticipated 'affordable' electric car, the Model 3

US company Tesla Motors has unveiled its highly anticipated Model 3 electric car.

The car was revealed at the company’s design studio in California, with the founder and billionaire head Elon Musk presenting the vehicle as the electric car “affordable for everyone”.

The "affordable" price tag is US $35,000 (AU$45,719), however Mr Musk said that figure will reduce significantly for US customers who buy early, due to a federal tax credit.

Mr Musk, addressing the crowd, said the vehicle has been designed with "safety first" in mind, and claims it can drive 346km on a "single charge".

"You will not be able to buy a better car for $35,000, or even close," Mr Musk said, to rapturous applause.

The base car will be able to go from 0 to almost 100kmph in less than six seconds, with versions that go “much faster.”

The Model 3 will come in both rear-wheel drive and all-wheel drive versions and will include a 40cm landscape touchscreen inside.

The two current Tesla models are both valued at more than AU$100,000.

Model 3 isn’t expected to begin production until late 2017 however, pre-orders are being accepted for a down payment of AU$1300.

Australian pricing for the car has yet to be confirmed, with estimates ranging between anywhere from AU$45,000 to AU$60,000 according to Gizmodo.  

Opinion over the car is divided, with some saying it is not as suave looking as more expensive electric vehicles, however the car is receiving praise on social media.