We're going to get our first look at Tesla's $35,000 Model 3 in March

Tesla CEO Elon Musk speaks about new Autopilot features during a Tesla event in Palo Alto, California October 14, 2015. REUTERS/Beck Diefenbach

(Thomson Reuters)
Tesla CEO Elon Musk speaks about new Autopilot features during a Tesla event in Palo Alto, California

Tesla Motors revealed today that the long awaited Model 3 will be unveiled on March 31.

That's the first time we'll get to see a prototype of the long-awaited electric vehicle. The car isn't expected to enter production and begin customer deliveries until the end of 2017.

Tesla's confirmed that the Model 3 will be offered with a price tag of $35,000, but with a $7,500 federal tax credit and a some local state tax benefits, that price could drop to as low as $25,000.

The Model 3 will be launched as a platform and is expected to serve as the basis for both a sedan and a small crossover SUV.

It will join the much more expensive and content laden Model S sedan and Model X crossover.

NOW WATCH: This is what it's like to drive Chevy's Tesla-killer

More From Business Insider

• The 3 most important things to look for in Tesla's earnings
  

• Tesla says its new Summon technology can save lives
  

• Wall Street has finally learned an important lesson about Tesla