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.

Grist thanks its sponsors. Become one.

To support our nonprofit environmental journalism, please consider disabling your ad-blocker to allow ads on Grist. Here's How

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.