Almost a year after the wraps came off the highly anticipated Model 3, Tesla chief executive Elon Musk offered more details about the $35,000 all-electric sedan that has already racked up 400,000 pre-orders.

"Model 3 is just a smaller, more affordable version of Model S w less range & power & fewer features. Model S has more advanced technology," Musk said in a series of tweets about the car. "Am noticing that many people think Model 3 is the 'next version' of a Tesla, like iPhone 2 vs 3. This is not true."

The Model 3 will have just one screen and one computer, compared with two of each in the Model S. The Model 3 will also forego a heads-up display that projects the speed limit and navigation directions onto the driver's side car windshield. Performance versions of the Model 3 will not be available for at least six months after the car goes into production, which is scheduled for July.

Production is scheduled to begin with 1,000 cars per week in July, 2,000 cars per week in August and 5,000 cars per week by the end of the year. Tesla employees who put down $1,000 deposits on the car will receive their Model 3s first, followed by reservation holders in California. The customer rollout will continue in an eastward direction.

Musk tweeted the Model 3 was supposed to be called the Model E, "for obvious dumb humor reasons, but Ford sued to block it." Tesla models so far have been called the Model S and Model X. A Model E, as well as the upcoming crossover version of the Model 3 called the Model Y, would have spelled "sexy."