Tesla Motors is expected to unveil its more-affordable Model 3 sedan at a March launch event, as the luxury EV maker sets its sights on democratizing its automotive technology.

Tesla's CEO Elon Musk hopes to sell 500,000 vehicles in 2020. He sold 50,000 Model S sedans and Model X SUVs in 2015, reports Bloomberg.

Mush has teased a few details about the vehicles from his Twitter account.

The base Model 3 will cost $35,000 before government incentives, and preorders will start immediately following the March launch. The vehicle will go into production in 2017. The vehicle will offer at least 200 miles of driving per charge.

Despite earlier reports, the Model 3 will only be offered in a sedan model. The Model 3 will arrive as competition for General Motors' 2017 Chevrolet Bolt that's offering a 60 kilowatt-per-hour lithium-ion battery pack.