Consumers who have always wanted an electric vehicle for themselves but cannot justify shelling out at least $71,000 for the Tesla Model S will be delighted to find that a more affordable version will be unveiled on March 31. Elon Musk, Tesla's top honcho, confirmed revealing that the car will cost $35,000, in an interview with Bloomberg. The cost could possibly go down to as much as $25,000 if federal and state tax incentives are discounted.

Presently, Tesla has not confirmed what the unveiling will entail next month. There is no word whether a concept car will be on display or whether a full spec-sheet will be made available. Musk could only guarantee the release of the vehicle's pictures and was a little coy about whether the public would see the actual car, Jalopnik reported.

With its comparatively low price, the Tesla Model 3 will have fewer features than the Model S sedan and the Model X SUV. The details are not yet clear but the third generation Tesla vehicle could come with a more compact body than its two brothers, according to Popular Mechanics. Musk has also announced that the company will not offer a signature series for the Model 3.

By the March launch date, consumers will be able to pre-order the Tesla Model 3. Musk has provided more information about reservation requirements in his latest Twitter post.

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