On a call with investors of Tesla Motors, CEO Elon Musk revealed that the company is looking to unveil the Tesla Model 3 in March of next year.
The Tesla Model 3 is expected to become the company's response to BMW's 3-series sedans. However, Musk added that the unveiling date of March 2016 is still a tentative one, with the possibility of the announcement date being changed depending on what happens in the coming months.
However, the March 2016 goal for announcing the Tesla Model 3 is what currently stands. Production of the electric vehicle, which is believed to be able to drive a distance of 200 miles on just one full charge, is expected to begin in the middle or later part of 2017. Musk, however, said that late 2017 is a more realistic target to begin production of the Tesla Model 3.
The rumored price for the upcoming electric vehicle is said to be about $35,000.
The Tesla Model 3, upon release, will likely become the company's mainstream electric vehicle, as the Tesla Model S and Tesla Model X will probably retain their more expensive price points with their luxurious features and superior range. The Tesla Model 3 will also be smaller compared to the Tesla Model S by 20 percent.
The Tesla Model 3 is tagged as a crucial project for the company, as Tesla Motors is looking to increase the affordability of its electric cars, which will expand its potential market among interested car customers.
However, before Tesla Motors will unveil and release the Tesla Model 3 to the public, the Tesla Model X SUV will be coming first. The Tesla Model X has been in the production line for quite some time, with the electric vehicle finally on the verge of becoming available to the public.
According to Musk, Tesla Motors will start accepting online orders for customized versions of the Tesla Models X by July. Musk praised the Tesla Model X as being a "great car," with handling similar to that of a sports car due to the vehicle's low center of mass.
Tesla Motors posted decent financial results for the first quarter of the year, with a net loss that is smaller compared to expectations by Wall Street experts and deliveries of the Tesla Model S amounting to 10,045 units.
Tesla Motors recently unveiled the Tesla Powerwall, which is a rechargeable lithium-ion battery that can store energy to power up homes. The product reveals the company's efforts in hasting the replacement of energy sources that use fossil fuel with clean, renewable energy.
