PALO ALTO, Calif., July 16 (UPI) -- Tesla CEO Elon Musk confirmed a media report that the company's next car will be based on the Model X SUV and will be called the Model 3, selling for $35,000.
The new car will be priced well below the Model S, which starts at $69,900 and sells for $80,000 to $90,000. Tesla verified a report in auto publication, Auto Express, that the new car will be unveiled in 2016, will go on sale in 2017 and will look to take on BMW's 3 Series cars.