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

Thomson ReutersTesla CEO Elon Musk.

Tesla Motors revealed on Wednesday 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. But the company isn’t expected to enter production and begin customer deliveries until the end of 2017.

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

Tesla confirmed that the Model 3 will be offered with a price tag of $35,000.

But with a $7,500 federal tax credit and 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 a sedan and a small crossover SUV. The vehicle is expected to have a smaller battery pack than its siblings, but will still have a projected range of 200 miles on a single charge.