A Tesla for the masses is closer than you think.

Tesla's chief engineer Franz von Holzhausen told the German auto news site Autobild the electric car manufacturer plans to release a more affordable car by early 2015. The car, called the Model E, will be based on the Model S, their popular model that can travel 200 miles on a single charge. The car will be priced to compete with the BMW 3-series, von Holzhausen said.

Tesla currently only produces the Model S, which ranges in price from $69,900 to $89,900. The Model X, an SUV to be be launched sometime next year, will most likely cost slightly more than the Model S. Tesla plans to unveil the Model E at the 2015 Detroit International Auto Show. It will be available for purchase by 2016.