Late Tuesday night, Tesla Motors confirmed that a third-generation car called the Model III will be coming in 2017. The car will cost a mere $35,000, according to a report, half the price of the popular Model S. The pricing will position the vehicle to compete with the BMW 3-series. Tesla’s confirmation came in a Tweet, responding to to an exclusive article by Auto Express magazine. The Model 3 is technically Tesla’s fourth car, scheduled to hit the market after the Model X. The X is a seven passenger ”crossover” vehicle. The vehicle is rumored to have a range of less than 306 miles (the current range of the Model S). Earlier this year, Elon Musk spoke about the vehicle noting that it would be 20 percent smaller than the Model S, with a shorter range. Auto Express posted photos of the new car, which Tesla says are mock-ups based on Auto Express speculation.