It’s the moment we have all been waiting for – Tesla is about to unveil the much anticipated Model 3, its most affordable electric vehicle to date. The automaker is expected to release details of the $35,000 car on March 31, 2016, ahead of the vehicle’s market debut in 2017. The Model 3 will appeal to a much larger audience with its 200+ mile driving range and more attainable price tag.


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In its recent earnings release, Tesla announced it is still on target to release the Model 3 in late 2017 with a target price around $35,000 before the available tax incentives. If Tesla does manage to hit the $35k target price, that means that the Model 3’s price could drop to around $25k after the available federal and state tax incentives. While the $35,000 base model will make the Model 3 incredibly appealing to electric car buyers, Elon Musk has confirmed the initial production models will be “relatively highly optioned versions of the car.”

Related: Chevy debuts groundbreaking affordable 200-mile-range Bolt electric car at CES

While Tesla is hoping to put the Model 3 in production sometime next year, the automaker has had launch difficulties with the Model S and Model X, which may mean it could miss its production target with the Model 3 as well.

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