Tesla CEO Elon Musk has recently hinted that he intends to produce a more accessible electric vehicle with the price point ranging between $25,000 and $30,000. The company chief predicted that the cheapest of Tesla's EV lines will become a reality in three years and the Chinese market will be the first to get the welcome treat.

Musk's promise is likely to be expected sooner than expected. The latest buzz in China suggested that Tesla could be working already on an EV that is touted to deliver "the ultimate killer blow to legacy auto." It will be assembled in Giga Shanghai and the commercial debut is possibly timed in 2022.

This affordable Tesla is the automaker's third EV bet in the world's second-biggest economy and will likely be patterned after the bestselling Model 3. Should that be the case, the upcoming car is imagined to be a hatchback version of the same Tesla EV.

According to Teslarati, there were documents pertaining to the planned vehicle release and they suggested that the redesigned Model 3 has been given the go-ahead on September 2020 and that the product verification will follow this coming March. It is claimed that the EV will be built using the Model 3 chassis.

Tesla has previously dropped teasers on the plan to roll out an entry-level electric vehicle in China, which will serve as the company answering the growing need for a small and reliable vehicle in the country. If indeed the automaker can put together an EV that will prove affordable to most Chinese buyers, analysts said the third Tesla offering could become the company's biggest release in the region.

The $25,000 price tag could prove tempting for many in China who are looking to experience driving a Tesla. And analysts are predicting that the planned EV, which could be a hatchback or a small sedan, could exceed the popularity instantly gained by the Model 3 and Model Y in China.

Musk has indicated that while the cheapest of the Tesla EVs will be budget-friendly, the package that buyers will get is nearly at par with the premium versions. For one, the EV will surely get the same software deployed with all Tesla car models and it means that the vehicle will also boast of self-driving features.

Electrek said a Tesla EV for $25,000 is certainly a game-changer but its realization will greatly depend on how fast the automaker can perfect its latest battery technology and production techniques. Considering this, it seemed more realistic to expect an actual release in late 2023 or early 2024.

However, it cannot be discounted that Tesla is getting ample help from Chinese engineers, whom the same report noted are known to work fast when properly motivated. It's not remote then that Tesla can drop a surprise as early as next year.