Tesla has confirmed that it's coming out with a new mass-market all-electric car called the Model 3. This vehicle will reportedly be a smaller, sportier version of its Model S sedan -- a bit like the BMW 3 Series, according to Auto Express.
While Tesla made the news of the Model 3 official with a tweet to its followers and a confirmation to CNET, the car won't come onto the market for at least another couple of years. The company intends to complete its plans on bringing its all-electric Model X SUV to customers first.
"We can confirm that the next vehicle Tesla will produce after Model X will be a mass-market electric car known as Model 3," a Tesla spokesperson told CNET. "We don't have any more details to share at this point. Our focus continues to be on Model S and preparing for the introduction of Model X."
Tesla introduced its Model S sedan in 2012 and has since seen spectacular sales. The company plans to release its Model X by the end of this year and the Model 3 should be unveiled sometime in 2016 with sales beginning in 2017. According to Auto Express, the Model 3 price is expected to be around $35,000.