For an automaker company that is known for selling sedans and SUVs that start at the $75,000 and $80,000 price ranges, respectively, the Model 3 is Tesla Motors' foray into the mass-market in terms of producing a vehicle that can appeal to more people across the different economic classes.

While there are some who are skeptical whether the company that offers all-electric vehicles can sustain the move to offer more affordable road machines in the long run, it seems like Tesla is already dead set on creating a wider consumer base. This is a strategy that the automaker has to make if it wants to reach its goal of having 500,000 units sold by the end of 2020.

Price and Preorder Details

The Model 3 will come available at a base price of $35,000, prior to tax incentives. Those who are bent on owning these more affordable Tesla vehicles can make their reservations come March 31, 2016 via the Tesla stores. Those who prefer to preorder online can do so through Teslamotors.com starting a day later, on April 1.

Potential owners need to shell out deposits amounting to $1,000 across the board. Elon Musk confirmed this via his Twitter account wherein he said that there won't be a "signature series" for the Tesla Model 3.

Tesla Model 3 Launch & Release Date

Tesla Motors has already handed out some invitations for the unveiling of the upcoming Model 3. The launch event will take place on Thursday evening come March 31. Details of the launch are still unclear, with only the venue mentioned to be somewhere in Southern California.

Musk announced that the Model 3 won't be shipped earlier than 2017. It is most likely that owners will be able to drive their new Model 3 vehicles home in the latter part of 2017 as production is only set to begin in the same year.

Tesla Model 3 Specs

Tesla has been mum on the design details and has not been too generous in sharing any images for the Model 3. What we know so far is that the new vehicle can go as far as 200 miles in range in one bout of charging, which is a bit shorter compared to what the Model S sedan and the Model X sport-utility vehicle can deliver.

Te Model 3 will be 20 percent smaller than the Model S and could be similar in size as the Audi A4, per Tech Times.