In Los Angeles, the Model 3 is slated to be unveiled on March 31. According to Tesla Motors Club website, the electric vehicle is going to cost $35,000 per car. This week, the Tesla owners and fans started to get invitations for the event.

Last month, Elon Musk, Tesla's CEO tweeted that the company will start taking reservations at Tesla stores from March
31, for Model 3. The online orders will be taken later. According to Musk, the down payment will be $1,000.

It is expected that the production and delivery of the Model 3 will start sometime late in the coming year. The Tesla model will be manufactured at the company's Fremont factory.

The Model 3 is important for the company as it marks the first effort to move beyond only the luxury car market. Last year, Palo Alto-based Tesla shipped a record number of approximately 50,000 vehicles of Model S and Model X.

In another instance, on Friday, three of the new Tesla Model X's, offered a chance to the potential owners to try out their first test drive of the electric SUV in Denver. Some of the likely buyers have placed an ordered more than three years back.