The release date for Tesla Model 3 has been announced to be next year, but the pre-orders have already started coming to the tune of a quarter of a million units.

"More than 253,000 people have put their names down for the upcoming Tesla Model 3 electric car, representing over $253m in pre-order fees and more than $8.8b in potential sales," said the UK's Independent.

According to the article, customers availing of the pre-orders have paid $1,400 to reserve their units.

As for the specs, Tesla CEO Elon Musk said Tesla Model 3, priced at $35,000, will run 215 miles in one charge.

"You will not be able to buy a better car for $35,000, even with no options," he said, adding that it would be "one of the safest cars in the world."

According to the manufacturer specs, the base Tesla Model 3 can do 0 to 60 in less than 6 seconds, but high end versions can even go faster. That number is even more impressive compared to other petrol-powered vehicles.

Just like its predecessor, the Tesla Model 3 will have the all-wheel drive and rear-wheel drive versions.

"There's a 15-inch landscape touchscreen inside - an interesting change from the 17-inch portrait touchscreen in the Model S and X," The Verge reported of Tesla Model 3's specs. "Autopilot hardware is standard, and all safety features will be active automatically. Five adults will fit comfortably."

There's no exact release date for Tesla Model 3 but it's expected to be in late 2017.