Elon Musk just confirmed the next Tesla coming after the Model 3

At the end of Tesla’s second quarter earnings call on Wednesday, CEO Elon Musk confirmed that the next vehicle headed our way after the Model 3 will be a compact SUV called the Model Y.

Tesla has hinted at the upcoming Model Y for more than a year and Musk even included the compact SUV in his much anticipated “Secret Master Plan…Part Deux” last month.

However, on Wednesday, Musk told analysts and members of the media that Tesla will turn its attention to the Model Y after the Model 3.

Even though Tesla unveiled the prototype of the $35,000 mass-market sedan in March, the production variant of the Model 3 likely won’t reach consumers until late 2018 at the earliest.

That means the compact SUV will likely not arrive before the end of the decade. As a result, details on the car are slim. The Model Y is expected to be built on the Model 3 platform, and may even spawn a pick-up truck variant.

Since Musk indicated that it is unlikely Tesla will build a car cheaper than the Model 3, expect the 3 and the Y to have a similar pricing relationship that the current Model S sedan shares with the Model X SUV.

The Model X is generally priced a few thousand dollars more than the corresponding trim level in the Model S line up. Currently, the base Model S 60 starts at $66,000 while the bare-bones Model X 60D starts at $74,000. While the difference in dollar figures won’t be as steep, the pricing correlation between the Model 3 and Model Y will likely exist.

Musk also mentioned that the company is working on what the CEO calls a “mini-bus”. It was also referenced in part deux of his Secret Master Plan. Although, it is unclear if Musk is referring to a commercial bus or a minivan in the realm of a VW microbus. However, the Tesla CEO did say that the “mini-bus” will be built on the Model X chassis.

Finally, in case you haven’t noticed, with the addition of the Model Y, Tesla’s lineup will consist of Model S, 3, X, and Y. That’s right. It spells “SEXY.”

Tesla Model SSpencer Platt/Getty ImagesA Tesla model S sits parked in a new Tesla showroom and service center in Red Hook, Brooklyn on July 5, 2016 in New York City.

NOW WATCH: MALCOLM GLADWELL: ‘Anyone who gives a single dollar to Princeton has completely lost their mind’

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.