Tesla has officially unveiled its most affordable vehicle yet — the Model Q, priced at just $18,000 before federal tax credits. The compact hatchback promises 280 miles of range and access to Tesla’s Supercharger network.

“This is the car that makes electric vehicles accessible to everyone,” said Tesla CEO during the unveiling event in Austin, Texas. “No more compromises. No more excuses.”

The Model Q features a minimalist interior with a single 10-inch touchscreen, Tesla’s latest battery chemistry that reduces costs by 40%, and over-the-air update capability for continuous improvement.

Industry analysts predict the Model Q could capture up to 15% of the compact car market within its first two years, putting significant pressure on traditional automakers.