We haven't heard much lately regarding Tesla's upcoming BMW 3 Series fighter. Most of the attention has been on the continuing success of the larger (and expensive) Model S as well as the soon to arrive Model X crossover. But that 3 Series rival is where Tesla rightly sees an even more profitable future. The good word is out on the Model S but it's still out of reach for many. Tesla hopes to attract the masses by offering something less expensive. But how less is the question.

According to a report from Autocar, the EV carmaker's vice president of engineering stated that the new car, tentatively called the Model E, will be "realistically" priced against competitors like the 3 Series and Audi A4. In order to make that possible, the Model E will utilize steel instead of aluminum components. It'll also be about 20 percent smaller than the Model S and will even be built on a different platform. There will actually be "very little carry-over." What's more, Tesla's upcoming Gigafactory will help to lower the car's cost by making "battery manufacturing more cost-effective." So when will the Model E arrive? Sometime in late 2016, at the earliest.