Apparently, a source who prefers to remain anonymous has mentioned after taking a peek at the Model 3 that it will be a smaller version hybrid of the Model X and S, being taller as a sedan with a front that resembles the Model X more. It will also be shorter and narrower than either the model X or S, and will of course boast of Falcon Wing doors.
Apart from that, the ride should be able to hit 60mph from a standstill in less than 4 seconds, but it remains to be seen whether this capability will be made available on the base model, or on a more premium edition that carries a larger sized battery and AWD. Word also has it that the higher end Model 3 version will be a whole lot pricier, being placed in the $50 to $60K range.