Tesla Gears Up for 'Part One' of Model 3 Reveal

PHOTO: Elon Musk of Tesla Motors addresses a press conference, Oct. 23, 2015 in Beijing, China.PlayChinaFotoPress via Getty Images
WATCH Tesla Fans Eager for Model 3 Reveal

The world is set to get is first look at Tesla's mass market Model 3 tonight, but CEO Elon Musk teased that not everything about the vehicle will be revealed at once.

Calling tonight "part one," Musk tweeted that part two "which takes things to another level, will be closer to production." The first Model 3 vehicles are expected to be delivered in late 2017, according a Tesla letter to shareholders.

Tesla will live stream the big reveal on its website beginning at 8:30 p.m. PT.

While the world hasn't seen the car yet, that hasn't stopped Tesla fanatics from putting down a $1,000 deposit today to secure their spot in line.

The Tesla store at the Mall at Short Hills in New Jersey was a hot spot this morning, with customers lining up outside to be among the first to put down a deposit for the Model 3. A mall representative confirmed more than 250 people had lined up for the new vehicle.

"Whether it looks similar to [Tesla's last sedan] the Model S or not, I think there will be a family resemblance," Jack Nerad, executive editorial director at Kelley Blue Book, told ABC News.

The sedan is expected to be smaller than its older sibling, the Model S. Musk has previously said the Model 3 will be able to travel at least 200 miles in normal driving conditions.

The vehicle is expected to cost around $35,000, excluding any potential electric vehicle tax credits, putting it at a sweet spot in the luxury electric vehicle market.

The most crucial challenge for Tesla will be sticking to its 2017 delivery goal, Nerad said.

"We are looking at their ability to deliver and how many they can deliver and when they will start delivering," he said. "The electric vehicle market is getting more and more crowded and as the months go by, there will be more competition from major manufacturers, so time is of the essence."