There's a good chance that the Model 3 will get a range closer that of the Model S 70, which is 240 miles per charge.
During a Tesla press conference in March 2015, Musk was asked about the range of the Model 3 and he hinted that it would be more than 200 miles per charge.
"Two-hundred miles is minimum threshold for an electric car. But it does need to be a true 200 miles," Musk said. "It's got to be 200 miles you can count on. And that is kind of a passing grade and anything below that is not a passing grade. But ideally, people are looking for a bit more than that, I'd say at least 20% to 30% more than that. So that is why we tend to favor a range of closer to 250 miles to 300 miles."