Tesla's Elon Musk today revealed Tesla Motors’s Model 3, the sedan the electric-car maker is counting on to expand its customer base and reach profitability.

The $35,000 Model 3 will have a minimum 215 miles (346 kilometers) range. This is a good thing because the Chevrolet Bolt will be out this year with a similar range and price point and it will push Nissan, Ford and other automakers to aim for 200 miles to keep their next generation EVs competitive.

Musk said deliveries will begin in 2017. Tesla received more than 115,000 reservations in 24 hours, Musk added on stage at the company’s Hawthorne, California, design studio. Orders reached at least 134,000 within the following two hours.

The Model 3 is based on a new battery architecture and motor technology. It reaches the speed of 60 mph in less than 6 seconds, according to Tesla.

Hardware for Tesla’s Autopilot features will be standard and the four-door sedan will seat five adults. Design features include one large, continuous piece of glass for the rear roof area to enhance visibility.

Tesla plans to double the number of its Supercharger stations and its store count by the end of 2017.

The Model 3 is Tesla's fourth car, after the Roadster, the Model S sedan and the Model X sport utility vehicle. The Model X was unveiled in February 2012, with delays pushing back the initial deliveries to customers until September 2015.