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Elon Musk Reveals Tesla's Future Plans, Promises Affordable ‘Gen 3’ Sedan In Late 2016

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At its recent annual shareholder meeting held in the Computer History Museum in Mountain View, California, Tesla’s CEO and co-founder Elon Musk revealed some insightful details about the company’s future plans and products.

As we know, the next model from Tesla Motors [NSDQ:TSLA] will be the Model X, a crossover based on the automaker’s second-generation platform that is currently found in the Model S. The Model X will arrive in late 2014 and may be followed by additional variants based on the same second-generation platform.

“We could potentially do some other products on that platform,” Musk said during the presentation.

Looking further into the future, Musk reiterated Tesla’s plans to launch higher volume models based on a third-generation platform. The automaker has previously mentioned two third-generation models, a small sedan and crossover, labeled by Musk as “Gen 3” models.

Speaking specifically about the Gen 3 sedan, Musk described it as costing “about half the price of the Model S” and featuring a “family resemblance” to other Tesla models (Model S pricing currently starts at $62,400). Finally, he said the Gen 3 sedan would “arrive at the end of 2016.”

Being based on Tesla’s third-generation platform design, the Gen 3 sedan will also pack some interesting new technologies. Musk hinted that it may feature “some autopilot or self-driving elements” though stressed that these may not be available in time for the launch. The Tesla boss has previously said that he views the concept of an auto-pilot for cars as something that is important to the evolution of automobiles.

Battery technology will also be greatly improved by the time of the Gen 3’s arrival. Working with technology partners such as Panasonic, Musk envisages that the Gen 3 sedan will have a driving range of about 200 miles despite its battery being smaller, lighter and less expensive than the battery in the current Model S.

"A significant improvement in technology is needed to have a compelling affordable electric car," Musk said. "To be compelling, it must have a useful range of 200 miles."

While all of this is going on, Tesla also plans to expand in markets outside of North America. The automaker will start sales in Europe this summer and will soon expand to Asia. Tesla is also ramping up locations for its Supercharger network, allowing for coast-to-coast EV drives, and later this month plans to unveil an even faster charging technology.

The full shareholder presentation is reproduced below.



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