After more than a decade of leading innovations in the automobile industry, Tesla is gearing up for its biggest release to date with the Tesla Model 3. Many experts and investors have noted that the success of the Model 3 electric-car is crucial not only to the reputation of Tesla, but also for the future of the electric car industry.

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When Elon Musk took over the reins of Tesla back in 2004 as the company's primary investor and chairman, his main objective was not pegged on building high tech cars but to introduce electric cars into the masses. Today, Musk still believes that electric cars will play a crucial part in ultimately finding a way to at least curb the effects of climate change.

While Tesla cars may not attract mainstream buyers, the cars that the company built over the past few years has attracted a niche of fanatical owners - most of whom are rich and environment conscious client who want to make a statement not only politically but also aesthetically.

In 2015, Tesla was able to sell 51,000 cars. This year, Musk targets to reach 93,000 cars.

On March 31, the Tesla Model 3 car will be unveiled. Many experts both in the tech and motoring industry agree that the electric vehicle is sure to draw more attention to the electric car industry. To start with, the Model 3 can reach up to 200 miles on a single charge.

Another factor that many agree will make the Model 3 appeal to mainstream consumers is its price. The Model 3 has a price tag of $35,000, which is about half the base price of two of Tesla's most luxurious models. The price tag is around the average cost for new car models within the United States.

In a statement acquired by ABC News, Musk said, "The electric vehicle market is getting more and more crowded and as the months go by, there will be more competition from major manufacturers, so time is of the essence."

TagsElon Musk, Musk, Tesla, Tesla cars, tesla model 3, Tesla Model 3 news, Tesla Model 3 update, Model 3, Model 3 debut, Electric Car