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Tesla to introduce new $30,000 compact sedan as EV company expands its charging network

In an aggressive move to ramp up its product line-up, Telsa has announced it will build a new compact sedan aimed at competing with the Audi A4 and BMW 3 Series.

The new all-electric car will share the same underpinnings as the upcoming new Tesla X crossover vehicle due in 2014, according to a report by Reuters.

News of both the compact car and sedan confirm earlier reports by Tesla CEO Elon Musk that the automaker wants to build on the popularity of the $70,000 Tesla Model S with more affordable EVs.

Musk said the new sedan, known as Generation 3 because it will be built on the Tesla’s third-generation platform, will be priced for around $30,000 and will likely even share some of the Model X’s unique design cues.

The Tesla Model X will likely be targeted at Audi Q3 and BMW X1 crossover, which is priced around $30,000 as well.

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