The long-awaited entry-level model from Tesla will be unveiled at the end of the next month, the company has said.
According to Reuters, the Model 3 will be shown on March 31 and will go on sale in 2017.
Tesla has said the car will have a starting price of $35,000 (U.S.) before any government rebates or subsidies are factored in. Canadian pricing hasn’t been announced.
The news came at the same time that Tesla CEO Elon Musk announced that he expects the company to start making money in 2016.
When the Model 3 is unveiled, General Motors will have put its Chevrolet Bolt on sale. It will have a similar price point and a range of about 322 kilometres.
But according to Reuters, Musk brushed off the Bolt comparison.
"It doesn’t seem like we are going to be demand-constrained," Musk said.
Musk said Tesla will invest $1.5 billion as it adds capacity, starts operating a battery factory in Nevada and opening more showrooms.