Bilen havde kodenavnet BlueStar i den oprindelige forretningsplan og blev efterfølgende betegnet Model E.<ref name=MasterPlan>{{cite web |last=Musk |first=Elon |url=http://www.teslamotors.com/blog/secret-tesla-motors-master-plan-just-between-you-and-me |title=The Secret Tesla Motors Master Plan (just between you and me) No. 124 |publisher=Tesla Motors |date=2006-08-02 |access-date=2010-10-03 |archive-url=https://web.archive.org/web/20100802142703/http://www.teslamotors.com/blog/secret-tesla-motors-master-plan-just-between-you-and-me |archive-date=2010-08-02 |url-status=live}}</ref><ref name=bbweek20070730>{{cite news |url=http://www.businessweek.com/stories/2007-07-29/tesla-a-carmaker-with-silicon-valley-spark |title=Tesla: A Carmaker With Silicon Valley Spark |publisher=BloombergBusinessweek |first=David |last=Welch |date=2007-07-30 |access-date=2014-03-13 |archive-url=https://web.archive.org/web/20140914195549/http://www.businessweek.com/stories/2007-07-29/tesla-a-carmaker-with-silicon-valley-spark |archive-date=2014-09-14 |url-status=live}}</ref> Bilens nuværende navn blev bekræftet på [[Twitter]] den [[16. juli]] [[2014]].<ref>
{{Cite web
 | title= Confirmed: Our Gen III car, due out after Model X, will be named Model 3.
 | author= Tesla Motors
 | publisher= Twitter
 | date= 2014-07-16
 | url= https://twitter.com/TeslaMotors/statuses/489200343062814720
 | access-date= 2014-07-18
}}
</ref>
I september 2015 annoncerede Tesla, at Model 3 ville blive lanceret i marts 2016.<ref>{{cite news |url=http://bgr.com/2016/01/07/tesla-model-3-unveiling/ |title=Tesla confirms: Model 3 will be unveiled in March |first=Yoni |last=Heisler |work=BGR |date=2016-01-07 |access-date=2016-01-09}}</ref> I januar 2016 meddelte Teslas administrerende direktør, [[Elon Musk]], at de første officielle billeder af bilen ville blive offentliggjort i slutningen af marts 2016. De fuldstændige detaljer ville først blive offentliggjort, når produktion gik i gang.<ref>[https://www.youtube.com/watch?v=Off7830aMp0&t=12m26s Ma vie en Tesla la rencontre avec Elon Musk - YouTube<!-- Bot genereret titel -->]</ref> Tesla lancerede Model 3 den [[1. april]] [[2016]] kl. 5.30 [[CET|dansk tid]].<ref>
{{cite news
 | title= Tesla's Model 3 will be shown on March 31st, 'on schedule' for 2017 production 
 | first= Chris
 | last= Ziegler
 | website= [[The Verge]]
 | date= 2015-02-10
 | url= http://www.theverge.com/2016/2/10/10961864/tesla-model-3-unveiling-march-31
 | access-date= 2015-05-09
}}
</ref>
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