Tesla's Affordable Car Debuts March 31

(RTTNews) - Tesla Motors (TSLA) has started sending out invitations for an event at which the company is expected to unveil its widely-anticipated Model 3.

Model 3, an entry-level sedan that will start at just $35,000 before any tax incentives, is aimed at masses. Model 3 launch will be done during a private event held on March 31 in Southern California.

Tesla has not disclosed much details about Model 3 until now, however, the sedan is expected to have a mileage range of 200 miles or so, lower than his brothers Model X and S which give about 220-300 miles.

Tesla will start reservations from March 31 in Tesla stores and online on April 1 for a $1,000 down payment. Cars are expected to ship in late 2017.