But even during the jubilant affair, Musk forthrightly noted "we're going to go through at least six months of manufacturing hell" before the company reaches its goal of making 500,000 cars in the next year.
"It's going to be quite a challenge to build this car," Musk said during the event, which was streamed lived by Wired magazine.
To date, the company has never manufactured more than 100,000 cars in a single year.
Musk said around 500,000 people worldwide have already put down a $1,000 deposit to reserve a Model 3.
The first cars rolling off the assembly line will go first to employees and customers on the US West Coast; International deliveries are slated to start late next year.
The company is hoping the Model 3, with a $35,000 starting price that's less than half that of Tesla's other models, will bring it a whole new market of customers.
"It was never our goal to make expensive cars. We wanted to make a car everyone could buy," Musk said. "If you're trying to make a difference in the world, you also need to make cars people can afford."
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