Just after 8:30 last night in Los Angeles, CEO Elon Musk took to the stage and presented the Tesla Model 3 - the fourth model his company has produced and the hotly anticipated Tesla for the masses.  Before beginning his shpiel, he asked how many members of the crowd in attendance were owners of Models S and X. The crowd whooped and applauded.  "Thank you for paying for Model 3!" Musk said. Revenue from the two existing models was key to developing a mass-market Tesla, he argued.  The crowd didn't dispute it. Instead, they enthusiastically applauded. He was speaking to his base. And like any politician or celebrity with a massive, unwavering following, Musk was cheered on through his short, uninterrupted presentation. This was no April Fools Day joke, despite convenient timing.  FOLLOW THE DAILY NEWS AUTOS ON FACEBOOK. 'LIKE' US HERE!  We traveled to Los Angeles-based headquarters for the first look at the Model 3, a vehicle that has been developed and such secrecy that no one really knew what it was going to look like, and you people outside the development process knew any details at all. Musk had promised a vehicle that was about the size of an Audi A4, would cost $35,000, and might resemble the Models S and X.  Here's what we know.The base Model 3 will have a range of 215 miles per full charge and will come equipped with hardware for Autopilot active driving systems. (Whether the software will make it standard is unclear.) Musk referenced a 0-to-60 figure of 6 seconds for at least one of the Model 3 variants - an interesting reference for such a future-focused company - but didn't talk about top speed. Some Model 3 sedans will be dual-motor and all-wheel drive, just like Models S and X, but it's unclear how many and if they'll be available from launch. Lest you worried about Model 3 not being a rocket ship, Musk put that fear to rest:  "At Tesla we don't make slow cars," Musk said.  In terms of design, you can draw your own conclusions. From our close-up look, we saw shades of Porsche and Ferrari in the front clip, while the back end was much more normal-looking. The Model 3 is a sedan, not a hatchback, as Musk averred that "half the market wants a sedan and half wants an SUV." Now, he sells a traditional sedan for the first time.  The crowd roared when he mentioned that you'll be able to carry a 7-foot surfboard inside, but was quieter when he mentioned that Model 3 has "more cargo capacity of any gasoline powered car of similar dimensions."  What did we learn in a quick ride-along loop around a closed course in desolate Hawthorne? The Model 3 prototype actually runs. Two prototypes were in Hawthorne, and one was customer-only. One Tesla representative estimates that as many as 1000 attendees filled the SpaceX building for the event.  From the rear perch, which is elevated stadium-style, the view is expansive, thanks to a glass roof and a relatively low belt line. The cabin, which lacks a traditional dashboard feels wide and uncluttered; a digital screen in landscape orientation that juts out of the center is the only sort of instrumentation. It's a visual trick that does the opposite of the tall screen in Models S and X—like the chunky, ovoid steering wheel's shape.  The short course began like a Disney World ride, replete with purple flashing lights, potholes, and the chance to show off the car's air suspension at all four corners. (There is some calibration work probably yet to be finished, as it was less than smooth.) We exited the anteroom to the course and made a hard right turn on suing on obstructed stretch of concrete runway. This was, presumably, designed to show off the Model 3's acceleration capability. We had no idea what kind of battery and motors were on the test car, aside from the fact that ours was a dual-mode vehicle.  Take-off was fast, but not "rip a hole in your pants" quick. The electric characteristics were still there, but something seemed to be missing. Maybe it was the sense of wonderment that Model S brings about, and that Model X replicates completely. It was clear that this was not a Model 3 P90D. At the end of the very short course, which was surrounded by a fence, we were thankful that the Model 3's brakes were operational. A quick slalom didn't offer much feedback to us about the Model 3's steering, other than its relative smoothness of operation.  Our test driver claimed that steel and aluminum were used to compose vehicle, but it was left unclear whether carbon fiber was also used for weight savings. Less clear in their execution were the integration of a third brake light, a super wide B-pillar, a traditional trunk instead of a hatchback, and ultrawide Michelin tires.  Regardless of how we felt, having driven both recent Tesla models already, we have a feeling that test drivers of the Model 3 are going to be impressed by the experience. If you've been driving anything in this category that's a gas powered and made in the last decade, the Model 3 is a complete departure.  Of course, we'll have to wait for a chance to have a full valuation of the vehicle before rendering any kind of judgment. For a first impression, we surely walked away impressed that Musk and his team have pulled this off in what appears to be record time, but we are still among the skeptics in terms of how all of this will translate to production, when all of the flashing lights are gone and the crowds have dissipated.  We left with a lot of questions about how the Model 3 specs will work out. How will Musk get to the magic $35,000 figure, as the tax credits for Tesla will soon run out? Will his company be able to keep up with battery production, assuming full capacity at the Fremont facility—once a Toyota/General Motors cooperation—at 500,000 units?  If this had truly been Tesla's first product, and proof of concept of an electric car for everyone, who knows with the reaction would've been.  If my tone sounds skeptical about the car that we saw tonight, it's only because I can't believe it's true. What Tesla did with its first major products, the hatchback and the SUV, with startling from the car company that had zero products except for the ill-faded roadster.  That $35,000 figure is all speculation at this point. All of the Tesla people I spoke to would not tell me about any suppliers that they've locked down, and I can't imagine it's going to be cheap to build those batteries especially at the in the infancy of the gigafactory.  All of this, without any mention of what overproduction might do for Tesla, what commoditization of their product is going to do, and whether anybody will actually qualify for the credits to make this product semi-affordable.  But all in all, it was a fabulous night. And a long one too!  Did you find this article helpful? If so, please share it using the "Join the Conversation" buttons below, and thank you for visiting Daily News Autos.
Elon Musk is at it again with the Tesla Model 3, the company's most affordable and revolutionary model yet.