People in the market for a new car may want to shift their attention to the new Tesla Model 3, a rear-drive car that is essentially a less luxurious and more affordable version of the Tesla Model S.

The Tesla Model 3, likened to the iPhone in terms of innovation in the automobile industry, has been popular among car lovers since its pre-launch. The car fundamentally has the same functions as any other, but it will rely on electricity instead of gasoline. Equipped with either a 50 kWh battery pack, with a distance capacity of about 220 miles, or a 75 kWh pack, which is good for about 310 miles, the Tesla car takes about half an hour to fully recharge.

According to Fortune, there have been as many as 500,000 reservations for the Tesla Model 3, suggesting that the entry-level automobile will enjoy strong commercial success and consumer appeal. Due to the car's supposed popularity, Tesla updated its smartphone app to include the Model 3.

The app will allow Tesla users to control and access the stats for their car. Owners will also be able to see their car's charging status, control the climate inside the vehicle, remotely lock and unlock doors, know the car's location, summon their car using the car's autopilot system, and more.

This update could also indicate that the company is now ramping up the production of the said vehicle. According to the Tesla Model 3 official website, production for the electric car is expected to spike upwards from October to December, and onwards to the following year.

Other stats of the Model 3 include 0-60 miles per hour (mph) acceleration in just 5.1 to 5.6 seconds, space for five adults, 15 cubic feet of cargo storage in the compartment, and a 15-inch digital touchscreen display on the dashboard.

Those interested in the car can reserve one today for a minimum of $35,000 and expect delivery after 12 to 18 months.