Could the new electric Model 3 be a game changer for Tesla?

Will Tesla's new $35,000 car attract more buyers?

Tesla Motors (TSLA) is about to mark a major milestone when it unveils its first electric car intended for mainstream buyers Thursday night.

The Tesla Model 3 has a base price of $35,000, about half the price of some of its other models. The company has yet to make a profit and CEO Elon Musk hopes the new model will lift Tesla's earnings.

"They are really expecting this to be their silver bullet," CBS News financial contributor Mellody Hobson told "CBS This Morning" on Thursday.

Forbes magazine estimates that 30 percent of the company's value will be derived from sales of the new car, once it begins shipping in late 2017. But Tesla still faces some roadblocks.

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Hobson noted that the new models are not for those who live in rural areas, where charging stations are not easily accessible, which limits them more as "commuter cars."

According to Hobson, the company is also still a "small player" in the auto industry. Tesla is expected to build under 100,000 cars in 2016 -- a drop in the bucket in the auto industry, which sold 17.5 million cars last year.

In addition to low production numbers, Tesla has also had a history of product delays. Both the Tesla Model S and Model X were launched later than originally scheduled, the latter by more than two years.

In order to ramp up production, the company is building its own battery factory.

Still, Hobson said Tesla has "paved the way" for the future of electric cars.

"Their cars have been extraordinarily popular, very well received in terms of car enthusiasts and so people are expecting this car to be another breakthrough moment," Hobson said. "I talked to an auto executive who said, 'We expect Tesla to innovate. The question is, can they execute?'"

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