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Tesla will reveal its new car on March 31

We will finally get a glimpse of Tesla's first mass market electric car on March 31. 

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Previously, Musk had said that the Model 3 would be revealed at the end of next month. But on Wednesday the company gave the official date in a shareholder letter

The company also confirmed that the $35,000 car is on schedule to begin production and deliveries in late 2017. 

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AP Photo/Ng Han Guan

Earlier this week the company confirmed the $35,000 price tag and clarified that the cost would not include incentives. This means that with federal and state incentives, it could end up costing as little as $25,000, depending on where you live. 

Musk has said that the car will have a range of about 200 miles per charge and will be smaller than the Model S. 

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He has also said that it will not have as many features at Model S or Model X. 

The more affordable Model 3 will be Tesla's most important car launch because it will be key to helping the company achieve its goal of producing 500,000 vehicles per year by 2020.

In 2015, the company only delivered about 52,000 cars. However, the company said in its letter that it plans to deliver  80,000 to 90,000 cars in 2016. 

It also said that it will continue to ramp up investment in its giant battery manufacturing plant called the Gigafactory

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The Gigafactory is key to the Model 3's success because it will help the company achieve "extreme economies of scale," which will help bring down the cost of its lithium batteries, which are very costly. 

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