Tesla is gearing up for the much-anticipated release of its third model which is touted as the most affordable than the expensive and luxurious Model S and Model X. Expectations are now running high as more than 400,000 people signed up to pre-order the new Model 3 sedan. Here's the latest round-up of update about Tesla Model 3 pre-orders, specs and price.

Let's start with the confirmed information. Tesla CEO Elon Musk said the electric car can run for a minimum of 215 miles on a single charge. It is smaller than the range of company's Model S saloon, but much better than the 155-mile range of Nissan Leaf.

Furthermore, Tesla will offer Model 3 with two drivetrain options. Buyers can get a rear-wheel-drive model, which is the cheapest version of the car. Also, there's a dual-motor all-wheel-drive model that is expected to run on the 215-mile minimum range, as per reports from CarBuyer.

As for its engine power, Auto Express reports that Model 3's base model is capable of running 0-62mph in less than six seconds, and the all-wheel-drive model can run 0-62mph in around four and a half seconds. Tesla has not yet revealed the battery capacity of the two models. Industry experts say the company will reveal more, weeks before the launching of the car.

During the debut of the Model 3, Tesla eagerly showed the exterior design of the car. Inside, it features extremely minimalist design. It has no real dashboard, only a large centrally mounted screen. Also, a recent Tesla hiring suggests that the car could have HUD focused interface inside. Musk teased fans on Twitter on what to expect of the car's final design, saying its interior will "feel like a spaceship".

For the price of Model 3, The Week UK estimated it would be available for around $35,000. Presently, the car manufacturer has not yet disclosed the full price of the car, but they are now taking pre-orders at $1,440.

Speaking of pre-orders, Musk revealed on Thursday that the company has more than 400,000 orders for the Model 3. Earlier this month, the Tesla CEO said the third model had 325,000 preorders just a week after its debut.

The huge demand in the car has been impressive. Musk stated the company received more than twice the Model 3 preorders it expected. The Verge reported the carmaker could receive 500,000 preorders before more details about the car are revealed later this year.