Tesla has been in the business of making all-electric cars for quite a few years now but its vehicles are not exactly what you’ll call affordable. The new Model S with AWD can cost north of $90,000 and that’s more than what most people are willing to pay for an electric car. Tesla knows that which is why it has been working on a cheaper model which will basically be a BMW 3-series rival. Tesla has now confirmed that the Model 3 launch has been scheduled for March next year.

The confirmation comes straight from Tesla founder and CEO Elon Musk during the company’s quarterly earnings call with investors. “We are hoping to show the Model 3 in March of next year,” Musk said, while pointing out that this is a tentative date and plans might be changed in the coming months if need arises.

Once the new car is shown Tesla will get down to mass production which is expected to begin in mid or late 2017, according to Musk late 2017 is “probably more realistic.”

Tesla Model 3 will be able to drive 200 miles on a single charge and the company expects to sell it around $35,000 which is going to make it the perfect competitor for Chevrolet’s all-electric vehicle called the Bolt.

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