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Tesla To Launch $35K Model 3 In 2017

Tesla has confirmed its next electric vehicle — intended to rival the BMW 3 Series — will be called Model 3. Tesla plans to release it in 2017.

By Erik Shute | July 16, 2014

​Tesla Motors confirmed Wednesday its next electric vehicle will roll off the assembly line in 2017.

"The company plans to develop a smaller car that will be more economical for more people. The Model 3 will be available in the year 2017. … The Model 3 would be able to go more than 200 miles on a single charge." (Via KSTU)

Tesla took to Twitter to confirm the vehicle's name. Then, speaking to Auto Express directly, CEO Elon Musk claimed the upcoming model will directly rival BMW's 3 Series.

When compared to its full-sized brother, the Model S, the new 3 is reportedly 20 percent smaller and sells for half the cost at $35,000. Its range is slightly shorter than the Model S at 200 miles on a single charge compared to the S's 300. (Via Tesla)

Despite its track sheet, we don't know exactly what the Model 3 will look like just yet. 

Auto Express has some watermarked images, but The Verge fired back, reporting, "Tesla now says [they] were 'mock-ups' based on speculation."

Let's not forget between now and when the Model 3 is actually revealed, Tesla is slated to roll out another car: the Model X. The crossover is expected to ship in 2015.

Local media picked up another story Wednesday the same day as Tesla's announcement — a Chinese security company said it has found security flaws in Tesla's electric car and is paying hackers to break in.

"This morning it announced it will pay $10,000 to anyone who can remotely access the functions of the Tesla Model S sedan. The doors can be unlocked, the horn honked, the lights flashed and the sunroof opened without a key." (Via KTVU)

According to Bloomberg, Tesla responded to the claims by saying it will aim to fix any "legitimate" security issue and applauds the challenge. However, Tesla warned hacking into its network and servers will not be tolerated.  

The alleged security flaw comes after Tesla turned its patents into open-source blueprints in June. Its goals behind the decision: fast-track electric vehicle production and reduce emissions sooner.

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