Okay, so maybe it's not so much a Model 3 anymore. However, you can clearly see that the Model 3 is the basis for this small, Mazda MX-5-like convertible.
As renderer Lem states on Twitter:
A while ago I tweeted about an imaginary Tesla Roadster, about the same size and shape as a Mazda MX-5. I'm dreaming of a smaller, lighter and cheaper sports #EV than Tesla's actual proposed Roadster 2. I've created a couple of new images. Let me know what you think!
It seems Lem's goal is a small, lightweight, open-air electric Tesla two-seater and that's precisely what we see here.
The Tesla Roadster is a larger car than the renders seen here. The Roadster is not likely to be offered in convertible form either. Additionally, the Roadster is an all-out hypercar and it's expensive.
Admittedly, the market for a two-seat convertible is probably quite small. However, there's definitely a niche there and surely Tesla could something like this at a high enough volume for it to make sense, but first up is the Tesla Model Y, followed eventually by the Roadster and the much anticipated Tesla truck. Perhaps sometime way on down the road, Tesla could branch out into these smaller segments, but for now, the focus needs to be on vehicles with mass appeal.