Fans will soon see for themselves how the much-rumored Tesla Model 3 looks and what is under its hood as the March 31 unveiling approaches. The date itself seems already set in stone as the invites for the event have been sent out.

Forbes said that the invites for the unveiling have started to arrive, and this cements the March 31 event. However, the industry follower clarified that although the end of March will have fans see the launch of the new Tesla addition, it is still unclear what the company will unveil about the Model 3 at the said event.

However, this doesn't mean that fans will not have any idea what the Model 3 is all about. Prior to the March 31 event, details about the upcoming Tesla vehicle started appearing online. According to Tech Times, it looks like the Model 3 series is a budget build and watered-down version of premium Tesla sedans, particularly the Model S.

According to the industry follower, the Model 3 has a mileage of 200 miles on a full charge (other models range from 200-300 miles) and is also lighter by as much as 20 percent than other cars by Tesla. Given these, the sedan has a price tag of only $35,000 – half the price of the $70,000 base version of the Model S.

As for the March 31 unveiling, Fortune surmises that although there will be the showcase as well as details that Tesla will reveal, fans will still need to wait longer to see the Model 3 in showrooms. The report said that the new Model 3 may ship out in late 2017. However, fans of the company who want to take advantage of early reservations can already place a $1,000 deposit for the Model 3 on March 31, while online reservations will go live on the Tesla website starting April 1.