Rather than guessing, it's instructive to look at the best in the industry right now, the Fit EV at 118MPGe vs Model S 89MPGe. That's 32.5% better. That includes charging losses.
If we look at pure battery range, it's 82 miles on 20kWh = 4.1 mi/kWh. Model S is 265mi on 85kWh = 3.1mi/kWh. That's 32.3% better.
I'm not sure how much more can be squeezed out. Keep in mind, the Fit EV uses a battery that likely has much lower internal resistance than the Model S's. Also in terms of aerodynamics, smaller cars in the compact class tend to be taller and shorter in length. This makes it actually harder to get the same Cd of the Model S. In terms of weight, the Fit EV uses a steel chassis, much like the Gen III likely will (which will make it harder for weight reduction).
In summary, for the Model S vs the Fit EV you get about 32.5% better efficiency/range and from 30% less weight and 16.5% more CdA (rectangular), details below:
The Fit EV is 3252lbs vs 4,647.3lbs for the Model S. 1395.3lb difference (exactly 30% difference).
Cd of Fit EV is ~0.29 (14% better than the 0.34 of the gas Fit).
Frontal Area (just a rough rectangle, not actual) = 67.7"W * 62.2"H = 4210.94 square inches.
CdA (rectangle) = 1221.2 square inches
Cd of Model S is 0.24.
Frontal Area = 77.3"W * 56.5"H = 4367.45 square inches.
CdA (rectangle) = 1048.2 square inches
So Fit has a 16.5% higher CdA (rectangle).
http://automobiles.honda.com/fit-ev/specifications.aspx
http://www.teslamotors.com/models/specs





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