Tesla Model 3

The Tesla Model 3 will be officially unveiled in March of this year. The company announced the unveiling date after rumors had been swirling over the last few weeks. At the same time, Tesla (TSLA) announced the Model 3 will be the only new car unveiled that month, debunking talk of the Model Y being shown off alongside the long range sedan.

The company’s CEO Elon Musk has gone on record as saying this model will be the one that changes the game for his firm, going to be probably the most profound car that we make,” Musk said during the announcement. “It will be a very compelling car at an affordable price.”

The March unveiling will kickstart a period of time Tesla feels will be changing just how popular the company is among the general public. The firm has said this electric car, which is said to be more affordable than previous versions, could take the company from 50,000 vehicle sales per year to 500,000 by 2020.

Once the car is officially shown off in the beginning of March, and preorders will begin immediately thereafter. Production is set to begin in 2017, though there isn’t yet a date for when people who do preorder their cars will actually be able to get behind the wheel.

There are several features Tesla hopes will drive people to the Model 3. While this car will be 100 percent electric as are all the rest of the company’s line it is said to be designed to have much better range (at least 200 miles per charge) than its predecessors. The price is also going to be quite a bit lower than previous versions. Tesla says the car will carry a price tag of $35,000 but that number will be reduced thanks to government incentives. Depending by the state, those incentives could take as much as $13,000 off that price and will see a reduction of at least $28,000.