Tesla Motors confirmed production of their third generation vehicle, the Model 3, through a Twitter post.

The automaker also confirmed that the Model 3 is due to hit the market after the crossover Model X. In a report published by Auto Express, Tesla will officially unveil the Model 3 in 2016.

Tesla says the car will be about 20-percent smaller than the Model S and aims to be priced at USD 35,000 (around PHP 1.5 million).

As of the moment, details regarding the design and powertrain details of the Model 3 are not yet available, but reports state that it will compete against the BMW M3 Series.