The time has finally been announced for the launch of the ‘affordable’ Tesla Model 3.

After keeping car lovers in the dark for quite a while, Tesla has officially confirmed that its long-awaited Model 3 will be unveiled on March 31st, 2016 with production and deliveries slated for late 2017. This is actually the first time that car lovers will be able to see a prototype of the much anticipated electric car. This anticipation is driven by the fact that Tesla’s Model 3 will definitely be the first car from the automotive company to enter the category of affordable cars for mainstream car users.

Even though the Model 3 will join its more expensive, more feature-laden siblings; Model X Crossover and Model S Sedan, it will be available at a promisingly affordable cost of not more than $35,000. This price tag may even go down depending on the government incentives and tax exempts that are likely to reduce the price by around $7,500 to $10,000 for users in the U.S.

While Tesla are still very coy with the actual details of the Model 3, they have confirmed that pre-orders and online reservations will be accepted from April 1st, but with no signature or customized series. Pre-orders and reservations will begin with a $1,000 as a kickoff to the ordering process. With such scarce news on Model 3 details, car analysts and critics are already stipulating that it might be almost the size of a BMW-3 series and is expected to provide around 200 miles on a single battery charge.

The company has also confirmed that the Model 3 electric car will be unveiled and act as a perfect platform for future affordable electric sedans and small crossover SUVs. Going in a different direction from its very expensive siblings (Model S Sedan and Model X Crossover), Model 3 is likely to have a smaller battery package than its bigger siblings; despite the fact the company has been investing heavily in battery technology.

With Model 3, Tesla seems to have realized that the production of luxury electric cars alone will not drive them towards their target of being the leading manufacturer of electric vehicles come 2020. It is true that the company currently leads in the high-end market share for luxurious electric cars, but branching to the more affordable Model 3 will likely drive this market share even further. The company might have brought forward the production of this affordable car so as to deal with other carmakers that are rushing to produce electric vehicles.

Apart from Tesla’s Model 3 that will be first delivered in late 2017, GM has also announced that it will make its maiden deliveries of the 200-mile Chevy Bolt later in 2016. These developments are likely to spur other automakers into action in what would turn 2017 into the year of practical and affordable electric vehicles on the roads.