Initial reports stated that Tesla Model 3 will be unveiled in 2016, but now the month has been specified and the new model will be out in March next year, according to a report from Autocar.

It was previously thought that the unveiling would take place at the Geneva Motor Show, which will run on March 3-13, but the report stated that Tesla will not hold the event there; instead, a separate one was planned later that month.

Autocar reported that Tesla has not revealed the details of Model 3, but sources point out that the car will pack a performance of 62 mph, competing with BMW M3 supercar, which reportedly has a performance of 0-62 mph in 4.1 seconds.

Another known detail is that the batteries that power up Model 3 will be manufactured in the company's gigafactory located in Nevada, as stated in the reports.

This battery should allow the car to run up to 300 miles with a single charge. Tesla Model 3 may not have the 90kWH battery featured in the Model S, but reports say that the new model may even have a better battery.

It was also previously reported by Autocar that Tesla's chief designer, Franz von Holzhausen, said that the new model will have a "more distinctive styling" compared to the standard Model S.

Holzhausen also added that the team will be "more experimental" as they work on developing the Tesla brand, because Tesla cars should have "personality."

Apart from the Model 3 to be released next year, Tesla is also planning on the launch of Tesla Model X, which would happen this year around September or October, according to CNN Money.

While reports all point to a March 2016 launch, AutoExpress UK reports that first deliveries won't happen until the middle of 2017.