Electric vehicle maker Tesla has set a date for the Model 3 event. Billionaire Elon Musk said during the company’s fourth-quarter earnings call that the company would unveil the much-awaited mass-market Model 3 on March 31st. Note that this is not the actual release. Production and first deliveries will be coming in 2017. Musk had previously said that Model 3 would be shown in March 2016, but now he has announced a specific date.

Confirmed: Tesla Motors Inc To Launch Model 3 On March 31

Tesla to accept Model 3 reservations starting March 31

Elon Musk said on Twitter that Tesla will start accepting in-store Model 3 reservations on March 31st and online on April 1. You have to shell out $1,000 as booking amount. Tesla shares have declined more than 40% in 2016. Investors were selling off shares amid concerns that low oil prices would affect sales of electric vehicles. The company gave investors some good news on Wednesday, and the stock jumped about 6% to $152.30.

Elon Musk told investors that Tesla was “in striking distance” of positive cash flow. He added that sales will be better than expected in 2016. Model 3 is critical to the Palo Alto-based company’s sustainable profitability. Musk believes that the mass-market car will appeal to more buyers. The vehicle will be priced at $35,000 before federal and state incentives, which may bring down the price to $25,000. But Tesla said it would initially roll out a highly optioned version.

Model 3 an alternative to small luxury cars

The EV maker is trying to position Model 3 as an alternative to small luxury cars from BMW and Audi rather than a competitor to Chevrolet Bolt. General Motors is said to make first deliveries of its 200-mile Bolt by the end of this year. Though Model 3’s price is similar to that of Chevy Bolt, Elon Musk says it will be competing with the likes of BMW 3 series and Audi A4.

Model 3 will be much easier to build than other Tesla cars. It will also be 20% lighter than the Model S. However, Elon Musk said recently at an event in Paris that the company would not show everything about Model 3 at the March event. A lot of important details will be revealed closer to the production time.