We're going to get our first look at Tesla's $35,000 Model 3 on March 31

Tesla Motors revealed Wednesday that the long-awaited Model 3 will be unveiled March 31.

That’s the first time we’ll get to see a prototype of the long-awaited electric vehicle.

The company 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 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

NOW WATCH: Money & Markets videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.