Tesla (NASDAQ: TSLA) CEO Elon Musk on Tuesday revealed more details about two models the company has been teasing.
Musk, speaking at Tesla's annual shareholder meeting, talked about both electric semi truck the company plans to reveal in September, and the Model Y crossover Tesla plans to release in 2019.
Musk revealed that Tesla has been working with its "biggest customers" on the design of the semi truck, so they already know what the Tesla is making.
"They want to know how many can they buy, and how soon," Musk said, to applause. He also said he "really recommend[s]" people show up for the unveiling, saying "maybe there is a little more than we are saying here," he said.
The Model Y, which is a name given to a planned crossover, will be built on a new platform and in a totally new factory, said Musk. He said the company made a mistake by basing the high-end Model X SUV on the Model S sedan, saying it does not make sense to try to "shoehorn" an SUV onto a platform made for a sedan.
He also said that the company's Fremont factory, which is being expanded, will likely be too crowded with S, X, and 3 production to accommodate. The Model Y will likely be built at a new location.
Musk said he thinks there are "many major manufacturing improvements that allow us to build the car in a way that a car has never been built before." He said Tesla could leverage these to reduce capital expenditures by a factor of two over those needed for the Model 3, while still accelerating its production timeline.
Musk expects demand for the Model Y to exceed that of Model 3.
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