Just got this from Tesla March Update email
Model S and Model 3
From the beginning, our goal at Tesla has been to produce cars without compromise.
Later this year, we will introduce Model 3 – a smaller, simpler and more affordable version of our flagship: Model S. With more range, more acceleration, more power, more interior space and more customization choices, Model S will continue to feature the very best in Tesla technology.
Model S and Model 3
From the beginning, our goal at Tesla has been to produce cars without compromise.
Later this year, we will introduce Model 3 – a smaller, simpler and more affordable version of our flagship: Model S. With more range, more acceleration, more power, more interior space and more customization choices, Model S will continue to feature the very best in Tesla technology.