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The Tesla Model S is about to get a smaller, cheaper sibling! The Tesla Model E will be 20 percent smaller than the Model S, will have a range over 200 miles, and will retail for around $35,000 when it launches in 2016.

A Tesla at half the price!

Tesla Motors confirmed on Twitter on Tuesday that its next sedan will be called the Model 3, linking to a report from Auto Express magazine.

“We had the model S for sedan and X for crossover SUV, then a friend asked what we were going to call the third car,” Tesla Motors CEO Elon Musk told the mag. “So I said we had the model S and X, we might as well have the E.”

Ford threatened to sue the electric automaker over rights to the Model E name and, in the end, Tesla relinquished. “I thought this is crazy, Ford’s trying to kill sex!” Musk said of the dust-up.

Rumored to be about 20 percent smaller than the Model S, Tesla’s popular full-size electric sedan, the Model 3 will fit in as a competitor to the BMW 3 Series. Musk also confirmed that the new car would have a range of over 200 miles, falling within the EPA-estimated range on the Model S.

The Model 3 will sell for around $35,000—about half the price of the 60 kWh Model S.

Set to launch after the Model X seven-seat crossover, the Model 3 is scheduled to go on sale in 2016.

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