Recent Tesla Model 3 Rendering by Auto-Moto (based off the Ford Evos Concept)
Detailed yesterday in Tesla's earning call is the announcement that Tesla Motors hopes to first show its ~$35,000 Model 3 in March 2016.
Quoting Elon Musk:
"We are hoping to show the Model 3 in March of next year."
March is a tentative date that Musk openly admits might change, but that's the target right now for Tesla. In fact, the CEO added, “don’t super hold me to that month.”
As for production of the Model 3, Musk says that won't get underway until late 2017:
"Late 2017 is probably more realistic."
Tesla's track record of always being late leads us to believe that the Model 3 won't actually be delivered until sometime in 2018.
Full Q1 2015 results and commentary on Tesla products can be found here.