How to get the new $35,000 Tesla Model 3

Tesla's (TSLA) entry-level $35,000 Model 3 electric car will be available for preorder on March 31, chief executive Elon Musk announced Thursday on Twitter.

The tweets by the billionaire followed a note in the company's earnings release on Wednesday that the Model 3 is on schedule for deliveries in late 2017 .

Tesla plans to begin installing production machinery this year.

In his tweets, Musk said consumers could begin preorders next month with a $1,000 deposit.

He also confirmed the rumored $35,000 price tag.