Tesla has officially announced that it will be taking the wraps of its next generation of electric car, the Model 3, on 31 March.

The Tesla Model 3 is expected to be the company's first mass market vehicle that will be produced on a huge scale and be affordable enough to be bought by more people than ever.

The car itself isn't expected to hit production until 2017 so how much of it will be shown off at this event isn't clear. Judging from the tweeted teaser picture it looks like we might be able to look forward to a complete reveal of a prototype at least.

Until now Tesla has only sold its cars in the tens of thousands and for a big price. The Model 3 will make use of Tesla's Gigafactory that will mass produde the lithium ion batteries needed to power the car. Tesla is still building this factory in Nevada and expects to hit peak production by 2020.

The Tesla Model 3 should be priced around $35,000 meaning it will be able to compete with other electric offerings like the similarly priced Chevy Bolt. The big pull from Tesla will be that it offers its usual long range on a charge, expected to be around the 200-mile mark.

Tesla will unveil the Model 3 on 31 March at its Hawthorne facility in California.

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