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Tesla confirms affordable Model 3 on track for March 2016 debut

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Tesla

Tesla has confirmed that it will be unveiling its first affordable electric car, the Model 3, in March 2016.

Elon Musk's company had predicted a March 2016 announcement for the Model 3 way back in May, but the company is known for its long delays.

When the Tesla Model X launched this past September, it was two years behind schedule.

However, it seems the Model 3 is still on target. In a recent letter to shareholders ahead of the company's third quarter earnings call, Musk confirmed that "we are on track to unveil Model 3 in late March 2016."

The Model 3 is a massive launch for Tesla in that it's expected to be the first affordable (or at least, not prohibitively expensive) model from the company. As such, it will see the company moving away from being a niche or luxury car brand.

Related: Tesla Model X: Six features that will make you want one

The letter also points out that it's been a positive quarter for the company in sales terms, with a record 13,091 cars produced and 11,603 cars delivered. Construction of the company's Gigafactory is also said to be ahead of schedule.

However, the company is reporting a net loss of $75 million, which is worse than expected. Musk will be addressing any shareholder concerns a little later today.

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