Tesla’s Model 3 will bow on March 31, but deliveries won’t start until late 2017

Tesla has started sending out invitations for the unveiling of the hotly-anticipated Model 3, an entry-level sedan aimed right at the BMW 3 Series. The third member of the company’s growing lineup will be introduced during a private event held on March 31 in Southern California.

Sent to a hand-picked group of owners and enthusiasts, the invitation doesn’t specify precisely where the unveiling will take place or at what time it will kick off. Fortune reports Tesla stores will begin accepting $1,000 deposits for the Model 3 on March 31, and tech-savvy buyers will be able to make a deposit online the following day. However, deliveries aren’t scheduled to start until late 2017. In other words, buyers who want to put a Model 3 in their garage could face a two-year wait if Tesla’s order book fills up fast.

Tesla is remaining tight-lipped about the Model 3. At this point, all we know for sure is that it will be about 20 percent smaller than the Model S in all directions, and it will carry a base price of about $35,000 before federal and local tax incentives are factored in. As we previously reported, Tesla admits it didn’t go “super crazy” with the design, in order to avoid the delays that plagued the Model X, and we expect the 3 will borrow more than a few styling cues from its bigger siblings.

The 3 will offer roughly 200 miles of range in its most basic configuration thanks to an all-electric drivetrain. Rear-wheel drive will come standard, and a dual-motor all-wheel drive system will likely be available at an extra cost. It’s too early to tell whether it will ride on a brand new platform, or if it will be built on a shortened version of the architecture found under the S.

Stay tuned, DT Cars will bring you full details about the Tesla Model 3 as soon as it’s unveiled later this month.