If you dream of owning a Tesla-made electric car, the we have good news for you.
Dubbed the Model 3, Tesla's latest model is reportedly aimed at people thinking about buying a BMW 3 series.
According to Tesla, the car will be around 20 per cent smaller than the Model S (pictured). It will also be able to go around 200 miles on a single charge. According to Auto Express, Tesla is expect to officially unveil the car in 2016.
Confirmed: Our Gen III car, due out after Model X, will be named Model 3. http://t.co/PLhUzycSlp pic.twitter.com/noZf17LXreJuly 16, 2014
The Model 3 will be Tesla's fourth car. The company is currently preparing to deliver the first of its Model X crossovers later this year.
Speaking to Auto Express, Tesla founder Elon Musk revealed that the company originally planned to call it the Model E. However, a legal threat from Ford put paid to that.
“We were going to call it model E for a while and then Ford sued us saying it wanted to use the Model E — I thought this is crazy, Ford's trying to kill sex! So we'll have to think of another name,” Musk joked.
“The new model is going to be called Model III, we'll have three bars to represent it and it'll be S III X!”
According to Tesla, the Model 3's range will be just over 50 per cent lower than the model S. It will also lack the aluminium platform the Model S is built upon and use more cost-effective batteries to drive the price down.
Leaked concept images suggest it will look like a shrunken down Model S.