Tesla announces new, smaller electric vehicle named Model 3

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Tesla Motors today outed its newest vehicle plans, a smaller vehicle called the Model 3, that Auto Express reports is designed squarely to take on BMW and its 3 series.  According to the report, which Tesla confirmed today, the vehicle will be 20 percent smaller than the Model S, which went on sale in 2012. The Model 3 will be properly unveiled in 2016, with sales beginning the following year, Auto Express says.

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