Screenshot via Tesla Motors.

Screenshot via Tesla Motors.

Tesla Motors will give the world its first glimpse of the more affordable Model 3, when it unveils the $35,000 car at 8:30 p.m. West Coast time on March 31 via a livestream on

The unveiling marks a watershed moment for Tesla as it expands production from the 50,000 Model S and Model X vehicles delivered in 2015 to its goal of 500,000 vehicles in 2020. The Model 3 represents the luxury brand's effort to democratize a longer-range battery-electric car.

CEO Elon Musk tweeted a CNBC survey on March 29 that showed 76% of respondents willing to pay the $1,000 reservation fee to buy a Model 3. Another 10% said they wouldn't make a deposit but would buy one when they come out.

Tesla will begin selling the Model 3 in 2017, and could sell as many as 60,000 in 2018, 190,000 in 2019, and 380,000 in 2020 if it reaches its goal, according to Daniel Sparks of Motley Fool.

Prospective buyers have been lining up at Tesla stores ahead of the unveiling. Musk said he would host a second unveiling event for the Model 3 closer to production.

Here's a tweet from Musk about the interest in the unveiling event: