Tesla To Unveil Model 3 On March 31, Electric Sedan To Sell For $35,000

Feb 12, 2016 01:43 PM EST | John Nassivera

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Tesla announced Wednesday that it will treat fans next month with the unveiling of the Model 3 electric sedan and that it will go on sale in "late 2017."

Elon Musk, the CEO of the electric carmaker, revealed the news during a conference call about the company's fourth-quarter and 2015 full-year results before going on Twitter to say that Model 3 reservations will be accepted with a $1,000 deposit on March 31 at Tesla stores and April 1 online, according to The Hollywood Reporter.

The sedan comes with a $35,000 price tag, which doesn't include federal and state financial incentives, which means that the car could cost $25,000 in California.

"We're really looking forward to the unveiling of the Model 3 next month," Musk said during the conference call. "I think this is going to be really well received, and then getting into production and delivery at the end of next year."

The entrepreneur also discussed what exactly Tesla would unveil about the Model 3 next month, Green Car Reports noted.

"Yeah, we're trying to decide whether we should show all the cards or keep a few cards close to the vest, I haven't made decision yet," Musk said.

While Tesla's fourth-quarter earnings fell below analysts' expectations and the company's stock fell by almost 40 percent since the beginning of 2016, their stock rose by more than 10 percent after Musk's announcement, The Hollywood Reporter noted.

Musk added that the Model 3 is expected to be "relatively highly optioned versions," which could mean that the car will most likely debut with one base model, Engadget reported. He added in another tweet that the Model 3 wouldn't come with Signature Series versions.

Tesla intends to sell 500,000 cars a year by 2020, according to Musk, and the automaker intends to meet that goal with its $6 million Nevada gigafactory that will supply batteries for the Model 3, Model S luxury car and Model X SUV.

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