Tesla: Model 3 on track for March 2016 unveiling

Tesla’s long-awaited Model 3 is on track to be unveiled in late March 2016, the company said in its third quarter 2015 shareholder letter.

The Model 3 is the Elon Musk-run electric automaker’s mass market follow-up to the its upmarket Model S sedan and Model X crossover.

The Model 3, priced at $US35,000, is the vehicle that is expected to help Tesla reached is goal of selling 500,000 cars a year by 2020.

In fact, the company’s work with the awarding-winning S and X cars are simply a means to put Tesla in a position to manufacture and sell the Model 3.

“The S and X serve as the revenue foundation for the Model 3,” Musk told Business Insider earlier this year at the launch of the Model X.

Today’s announcement for the Model 3 aligns with a presentation given by Tesla CTO JB Straubel in June, which indicated that the Model 3 would be unveiled in the first quarter of 2016, with initial production kicking off in 2017 and full production arriving in 2018.

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