When it’s finally released in late 2017, Tesla’s new Model 3 will be a tremendous accomplishment. The car offers features and performance that are on par with similar models from premium car brands, but it bakes them into an all-electric vehicle with a range of at least 200 miles per charge. And incredibly, the Model 3 will start at just $35,000 before tax incentives that will be available to many early buyers.

If all goes according to plan, the Tesla Model 3 will be a complete game-changer… but just wait until Tesla unveils the “Model 4.”

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No, there wasn’t a huge Tesla event that you somehow missed and no, the Model 4 doesn’t yet exist. We don’t even know that the company’s fourth-generation electric car will be called the Model 4. But in a recent talk, Tesla CEO Elon Musk already started speaking about his company’s next-generation vehicle and he had some pretty fascinating things to say about it.

Namely, the next-gen Tesla will be even more affordable than the upcoming new Model 3.

As noted by Evannex, Musk spoke late last week at the Future Transport Solutions conference in Oslo, Norway. The visionary CEO discussed a number of things during his talk, but one area was of particular interest. During the Model 3 event, Musk discussed how Tesla’s master plan has always been to make affordable electric vehicles, noting that the pricey Roadster, Model S and Model X were essentially created to fund more affordable EVs. The Model 3 is the next step in Tesla’s plan, but the company’s upcoming fourth vehicle will push things even further.

“I’m super-excited about being able to produce a car that most people can afford,” Musk said of the new Model 3. “And there will be future cars that are even more affordable down the road. But, with something like the Model 3, it’s designed such that roughly half the people will be able to afford the car. Then, with fourth generation and smaller cars, we’ll ultimately be in the position where everyone will be able to afford the car.”

The full video of Musk’s talk is embedded below, and the part where he discusses Tesla’s future fourth-generation car begins just after the 12-minute mark.

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