Tesla Will Unveil Its Most Affordable Car To Date In March 2016

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Earlier this year, Tesla CEO Elon Musk mentioned that the company intended to show off the Model 3 — its most affordable car to date by far, at $35,000 — in March of 2016. But as we’ve learned from the company’s adventures with the Model X, Tesla stuff can most definitely get delayed.

With that said: good news, Model 3 hopefuls! The Model 3 is still on track for an unveiling in March of 2016.

The progress update comes by way of Tesla’s Q3 2015 shareholder letter, in which Elon and Co. make but one fleeting mention of the Model 3:

Operating expenses should increase slightly in Q4, but reflect a further decline in Model X development expenses, offset by increased costs related to expanding our global sales capability and developing Model 3. We are on track to unveil Model 3 in late March 2016.

It’s worth noting, of course, that “unveiling” doesn’t mean “release” — actual production isn’t expected until some time in 2017. Tesla is still knee deep in shipping Model X pre-orders, after all.