Tesla To Launch Model 3 on March 31 -- What We Know So Far!

Consumers and auto industry experts are waiting for Tesla Motors to unveil its Model 3 tomorrow, March 31. With Model 3, Tesla aims to offer a more affordable electric car.

Model 3 will cost much less than the $70,000 price of Tesla Model S. According to Fortune, the announced price tag for Tesla Model 3 is just $35,000. The launching of the cheaper Model 3 is part of Tesla's long-term strategy of catering to the mass market. However, in retrospect, the car still costs more than a Mercedes CLA-class, BMW 2-series or Audi A3.

Tesla's Model 3 price gets closer to a Ford Fusion than a BMW after taking into consideration the $7,500 tax credit. But according to Green Car Reports, the credit lasts only until the car maker sells a total of 200,000 electric vehicles. According to Tesla's plan, the 200,000 EVs sales figure goal could be achieved in just one year.

Tesla Model 3 will go 200 miles on a charge, nearly twice the range of the Nissan Leaf but slightly less than the Tesla Model S. Options for bigger batteries are expected in the future, but probably they will not be available in the first wave.

The initial Tesla Model 3 will be a four-door Sedan, smaller than the Model S. According to Jalopnik, in the future, a variety of car versions will be built on the Model 3 platform. There are also speculations about a future crossover "mini-SUV."

Elon Musk previously declared that he aims the Tesla Model 3 to be "different from any other car on the road." But the production will start with a simpler Model 3 to avoid the delays affecting the Model X SUV. The Tesla Model 3 line will expand further into a range of products.

On Thursday, March 31, Tesla Motors will open pre-orders for the Model 3, but consumers will still need to wait a couple of years until getting a car. Musk declared that the Tesla Model 3 production will start later in late 2017.