If electric car->ke1030 makers are to flourish in this highly competitive industry, then the cost of ownership needs to come down. Although, the electric car won't replace conventionally powered cars any time soon, the high pace of the developments in electric car technology could one day allow automakers, like Tesla->ke1842, to offer products at more affordable prices.

Tesla->ke1842 is now looking to spread its business into more mainstream cars for the masses, and this includes a midsize sedan->ke142 that will be priced below the current Tesla Model S.

The new sedan, dubbed the Model, E will be revealed at the 2015 Detroit Motor Show->ke222 with deliveries scheduled for early 2016. Chief designer, Franz von Holzhauzen, has told AutoBild that the midsized 3 Series competitor should be out in a years time. The new electric sedan is expected to be priced in the $30,000 to $40,000 bracket.

We are still awaiting more details about the upcoming Model E sedan. That said, we expect it to feature familiar Tesla styling with a wide oval grille and clean lines. The exterior and interior design would in all likelihood be influenced by the Model S which has now been widely accepted in the market.

Underneath, the new Model E could use a similar powertrain as the Model S. Batteries will be stowed away in the floor, and electric motors will drive the rear wheels. Tesla will almost certainly lower the output of the electric motor to help increase the overall range and lower the price.

Also helping lower the price, the Model E will likely have a few less interior features as the Models S.

We'll keep an eye out for more information on the upcoming Model E, and bring you more information as it becomes available.

Click past the jump to read a brief overview of Tesla's history.

(*Image Note: The above image is of the Model S, not the Model E.}

Tesla History

Based out of Fremont, CA, Tesla launched its first electric sports car, in the form of the Tesla Roadster, in 2008. The Roadster got critical acclaim for its superior powertrain and handling, giving the company the springboard it needed to expand its lineup.

Later, Tesla went on to showcase the first prototype of the Model S in 2009. The Model S was the first four-door sedan built around an all-electric platform., and the first cars rolled off production lines in 2012 with a base price of $49,900.

The Model S uses an 85 kWh lithium-ion battery to power a 3-phase AC electric motor that drives the rear wheels through a single-gear transmission. The 85 kWh is the top-spec powertrain, and Tesla also offers 40 kWh and 60 kWh battery packs on lower variants.

Tesla now has plans to expand their portfolio further. The company is now developing an electric SUV called the Model X.