Tesla expects to launch the Model Y by 2020, CEO Elon Musk said during the company’s first-quarter earnings call.
During the call, Musk was asked if the company still expects to produce 500,000 vehicles per year by 2018 and one million vehicles per year by 2020.
Musk said yes, but added that the company first needs to get the Model Y into production.
“Yeah I do, I think we need to come out with the Model Y sometime in 2020 or aspirationally in late 2019, and I think one million units is quite likely or maybe more,” he said.
In July, Musk confirmed that Tesla plans to bring a new compact SUV, dubbed the Model Y, to market. This vehicle will be built on a separate platform than the Model 3.
Considering a number of other major automakers are planning to roll out electric SUVs by 2020 — Audi, Volvo, Mercedes and other major automakers plan to launch all-electric SUVS within the same time frame — Musk’s timing for the Model Y release makes sense.
This story is developing.
Get the latest Tesla stock price here.
Business Insider Emails & Alerts
Site highlights each day to your inbox.