2015 has been a massive success for Tesla. In a time when traditional car manufacturers like VW are embroiled in scandals, Tesla has distinguished itself by committing itself to the development of electric vehicle technology.

After the very warm reception of the Tesla Model S and Model X SUV, the upcoming Model 3 is very much anticipated. So far, the most significant teasers came from Tesla Chief Technology Office JB Straubel. According to him, the Model 3 will be an entirely new vehicle.

The upcoming car will employ new battery and motor technology. Many believed that Tesla's current models, with the success of their electric engines, would be the basis of Tesla cars for some time. Apparently, but actually totally surprising, this is not the case.

In Strauber's words, Tesla will be "inventing a whole new platform" for the Model 3. It will also have "a new battery architecture, it's a new motor technology - brand new vehicle structure...so it's a lot of work. This is something we started on even a few years ago. But it is a brand new vehicle - and it has to be."

While this may be true, Tesla still had to build on its existing car models to produce the Model 3. And Strauber also agrees. Apparently, the development of the Model 3 is going faster than expected.

Value Walk reported that one of the biggest motivators for an entirely new vehicle is nothing else but profitability. That is not to say that future Tesla cars will cost a fortune. Quite the opposite. The company cannot provide improved performance with care cars based on the old platforms. Basically, lower costs would still give higher profit margins for the company.

And regarding the Model 3's price, it should come in at $35,000, a far cry from the Model S which goes for $70,000, PC World reported. If all goes well, then Tesla will be able to achieve its goal of selling half a million cars per year by 2020.

According to Tech Times, The company's steady growth in annual sales of both the Model S and Model X, and with the soon-to-be cheaper Model 3, are strong indicators of Tesla's future.