The Tesla Model 3 could be one of the hottest and highly anticipated releases this year. Apart from its more affordable price, many are already putting the new electric vehicle or EV on a pedestal because of its noteworthy features.

Car enthusiasts have already taken notice. Not long ago, roughly 400,000 people have already reserved a unit for themselves. It didn’t come cheap as they were required to pay US$1,000 or AU$1,316 upfront to make their reservations official, Fortune noted. Tesla is now roughly US$400M richer with just the fee alone.

The hype for the new EV is understandable since Tesla has been known to make luxury cars that have hefty price tags.  The Tesla Model 3 is the car manufacturing giant’s first “affordable” vehicle even if it retails for $35,000 or AU$46,076 before tax incentives.

The public has yet to get their hands on the new offering, but reports are already starting to hint that a more affordable Tesla 4 could already be underway. As Evannex reported, Tesla CEO Elon Musk recently hinted about the next gen Tesla at the Future Transport Solutions conference in Oslo, Norway. Musk had a lot to share about his future plans for his brand.

“I’m super-excited about being able to produce a car that most people can afford,” he said. “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 Tesla Model 4 has not yet been confirmed, and the name has not yet been set on stone. However, with Musk’s recent statement, it can be assumed that more people can have a chance to get behind the wheel of their own Tesla car in the future. In the meantime, the paying public will just have to be content with the Model 3.