Tesla Model 3 to be unveiled on 31 March

With the Model S and announced but not-yet-released Model X being out of the price range of many, Elon Musk and team have been working towards a more affordable solution for years.

Model 3 reservations ($1000 down) will be accepted in Tesla stores on March 31 and online April 1.

The electric auto maker will soon start taking $1,000 deposits from buyers. Adding the lower-cost Model 3 to its lineup should help broaden Tesla’s customer base.

With the latest announcement, however, it seems like Tesla’s original plan to launch the vehicle in March will push through after all. There was significant chatter about Tesla’s Q4 2015 losses this time around, but we’re not here to talk about that.

Tesla CEO, Elon Musk, eluded to the Model 3 being available as early as 2017, and Tesla will take pre-orders for the electric vehicle starting next month, but there’s some speculation as to whether or not the company will roll out the Model 3 in the above stated time frame. Tesla Motors claims the gigafactory will begin producing battery cells in 2017, obviously in sync with launch of Model 3.

In fact, the Model X proved to be so complex that it became a pain for Tesla.

The “Model 3” should be sold around 35,000 dollars once government subsidies deducted.

Bloomberg estimated that tax incentives – depending on the state you live in – could subtract $10,000 from the final price tag.

Tesla said it planned to deliver 80,000-90,000 Model S and Model X vehicles in 2016, ahead of Wall Street’s average expectation for about 79,000 vehicles, according to research firm FactSet StreetAccount.

Tesla also said it will post positive net cash flow this year, despite capital expenditures worth $1.5 billion all of which – the company hopes – will be funded internally. “I do think that there was some hubris there with the Model X”.