Patience is a virtue, especially if you are waiting on the Tesla Model 3 release.

The announcement came from Washington, D.C. at Tesla's most recent presentation. Tesla co-founder and chief technical officer J.B. Straubel presented a slide that showed the Model 3 hitting the streets in 2018. Ricardo Reyes, Tesla's communications chief, said "we still plan to show the model 3 in 2016 and begin production in 2017," according to Inside EVs. With production beginning in 2017, a 2018 debut seems likely.

Originally set to hit the market in 2017, the debut has been pushed back to 2018, according to Car and Driver. The new Model 3 electric vehicle has a 200-mile range with a starting price of $35,000. Tesla will offer the new model as a sedan or crossover. There is no news on whether the crossover will be released at the same time as the sedan.

This news is music to the ears of General Motors. Set to release its entry-level EV The Bolt in 2017, GM will have plenty of time in the spotlight before Tesla's much anticipated Model 3 is available. The Bolt allegedly boasts a 200-mile range with a price tag hovering around $30,000, The Detroit News reports.

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