If imitation is the sincerest form of flattery, BMW should be flattered by the new Tesla Model 3 Performance. Tesla clearly aimed at the BMW 3 series when designing the Model 3, as the two cars have nearly identical exterior dimensions and a number of other similarities. See how they compare below:
As you can see, the Model 3 Performance has a slight edge in performance, besting the BMW by half a second in 0-60 time and .2 seconds in the 1/4 mile. The cars also have a similar MSRP; however, state and federal incentives are available for the Tesla, reducing the price by thousands of dollars.
If we had to choose, we'd take the M3 any day - for several reasons.
First, though the Model 3 is marginally faster than the M3, the Model 3 can't hang on the track. More than a few laps will have the Model 3's battery pack overheating. If you're after a track car, the M3 is the only choice here.
Second, the M3 is lighter, which is most noticeable at the track. However, weight makes a difference everywhere...heavy cars don't stop or handle as well as lighter cars. This can be seen in the M3's skidpad numbers, which are quite a bit better than the performance Model 3 (at least as far as skidpad figures go). As for braking, there's no official brake distance data easily available. But looking at similar size brake set ups and the 400lbs weight difference all but confirms the M3 stops faster.
Finally, the M3 has parts readily available, has a lease program, and, as a true luxury vehicle, is nicer inside.