While the car is named the Model 3, it will actually be Tesla’s fourth car. It will come out after the Model X and is reported to cost $35,000. This is half the price of the company’s Model S, reports Forbes.
Tesla hasn’t said a whole lot about the Model 3 other than the fact that it will be released. The company only confirmed a report made by Auto Express via Twitter (TWTR). The report also claims that the car will be a rival to the BMW 3 Series, Forbes notes.
“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,” Elon Musk, CEO and FOunder of TEsla, told The Verge. “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!”