Editors' pick: Originally published March 24.
Ordering one right off the bat, however, can be a tricky task -- especially if you're not already a Tesla customer.
Palo Alto, Calif.-based Tesla said there are two ways to make a reservation, the first is to visit a local Tesla store on March 31, the day of the unveil. The second way is to make a reservation on the company's Web site once the live stream starts at 11:30 p.m. EDT/8:30 p.m. PDT on March 31.
For $1,000 down, customers can reserve a Model 3, but if you're already an existing Tesla owner -- be it a Model S or a Model X -- you get priority in the region you're in. "For those who aren't Tesla owners yet, this means the fastest way to buy a Model 3 is to buy a Model S or Model X," Tesla said via email.
Additionally, if you live on the West Coast in North America, you're likely to get your Model 3 faster than others, with the company saying deliveries will start there in late 2017. From there, the company will move east across the continental United States and then move into other parts of the world, including Europe, the Asia-Pacific, as well as right-hand drive markets.
The Model 3 is Tesla's $35,000 mass-market vehicle that is slated to go up against cars in the middle market, as opposed to Tesla's luxury Model S or Model X vehicles. On the company's fourth-quarter earnings call, CEO Elon Musk said the Model 3 would compete with the likes of the BMW 3 Series or Audi A4.
Not much is known about the Model 3, except that at the event in Hawthorne, Calif. (Tesla's design studio), there will be a driveable version of the car, a car that's 20% lighter and easier to manufacture than the Model S, according to previous comments made by Musk.
Depending upon which state a customer lives in, the Model 3 could cost as little as $25,000, thanks in part to tax incentives.