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Tesla Model 3 online preorders are now live

Tesla Model 3 online preorders are now live

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Tesla is now taking preorders on its website for its wildly anticipated Model 3, the company's more affordable electric car that's expected to sell in much higher volumes than the existing Model S and X. Brick-and-mortar Tesla locations have been taking deposits (at a very healthy rate, it seems) since this morning, so anyone who waited is going to be down the list a bit.

And despite all that, we still haven't even seen the car, which will be unveiled this evening around 8:30PM PT / 11:30PM ET at an event outside Los Angeles. Online preorders were originally scheduled to kick off after the event, but concerns about server overloading led the company to change the plan.

Tesla Model 3 Preorder Page

Preordering gets you a spot in line, but there are still many variables at play: current Tesla owners are being given priority, and right-hand-drive markets like the UK will be coming later on. The first cars are expected to ship in late 2017 starting on the US West Coast before moving eastward.

The Model 3 reservation agreement notes that the reservation may be cancelled at any time for a full refund. Unsurprisingly, the reservation is not transferable or assignable to another party without approval from Tesla. Also, Tesla won't pay any interest or hold the reservation payment in escrow or trust.

If you're waiting to lay out your cash until you see the car, though, we've got you covered: we'll have all the news live as it happens. Catch up on the Model 3's story here.

Tesla released this short clip of the Model 3 racing around a track: