The outspoken CEO of Tesla Motors stated via his Twitter feed that the Model 3 sedan will be "[unveiled] in March" next year. In the US, the new all-electric sedan will have a starting price of US$35,000 ($49,000).
It's not known if this price is inclusive of federal and state tax rebates. The US federal government currently offers a subsidy of up to US$7,500 ($10,500) to purchasers of plug-in electric vehicles, while the state of California also chips in with up to US$2500 ($3500) cash back.
The company will start taking pre-orders for the Model 3 when it's unveiled next year. Neither Musk nor Tesla have yet to say how large deposits will need to be for the new car.
Although we'll be seeing the new Model 3 soon enough, at least in prototype form, the new vehicle won't start rolling down the company's production line in Fremont, California for "about 2 years". Musk claims that in order to make the the Model 3 a "fully operational Gigafactory [is] needed".
The Gigafactory is a joint effort between Tesla and Panasonic. Currently under construction in Nevada, the lithium-ion battery plant is expected to come online in 2017 and has a stated aim of supplying battery packs for up to 500,000 EVs by 2020.
In order for the new vehicle to hit its price target, the Model 3 will be feature a lithium-ion battery pack that's good for a range of about 320km. The larger Model S is, depending on the variant, capable of between 440 and 550km on a full charge.
Model 3, our smaller and lower cost sedan will start production in about 2 years. Fully operational Gigafactory needed.— Elon Musk (@elonmusk) September 2, 2015