Since May 2015, Tesla has been the talk of the town when it announced the unveiling of the Model 3 in March 2016. But considering the carmaker's track record smudged with delays, people thought better than to expect an on-time presentation.

However, it seems like Tesla will stick to its schedule this time with its Model 3 according to its third quarter shareholder letter dated Nov. 3, 2015, saying that the company's "on track to unveil Model 3 in late March 2016."

"Operating expenses should increase slightly in Q4, but reflect a further decline in Model X development expenses, offset by increased costs related to expanding our global sales capability and developing Model 3," the letter signed by Elon Musk, CEO of Tesla, and Deepak Ahuja, chief financial officer of Tesla, reads (PDF).

It's just a slight mention, but it does indicate that the much anticipated Model 3 is in the works. Take note that this might not be a release date, but new developments are expected to kick off sometime between 2016 and 2018.

Priced at $35,000, the Model 3 is Tesla's most affordable vehicle to date for the mass market, and the carmaker believes that it's a key factor to reach its goal of selling about 500,000 vehicles annually by 2020.

Tesla's profits from July to September amounted to $231 million, which is lower than last year's $251 million. But Tesla reported that it delivered 11,603 vehicles, which is marginally higher than the expected 11,580, and assembled 13,091 units, resulting in a positive quarter for the carmaker. Plus, sales of the Model X increased the company's orders by about 50 percent.

Two new stores were opened in China, and Tesla intends to open more when sales in the country increase.

To sum things up, the Model 3 will be unveiled in March 2016 and could be in production and commercially available between then and 2018.

Photo: Steve Jurvetson | Flickr