Elon Musk has revealed that Tesla is working on two new electric car models, which might include a cheaper hatchback and a van.

Speaking at the company’s 2023 annual shareholder meeting on Tuesday, the billionaire CEO of Tesla claimed that the electric vehicle manufacturer is already working on the new models, which he said will far surpass industry standards.

“I just want to emphasize that we are actually building a new product,” said Musk. “We are actually designing a new product. We’re not sitting on our hands here.”

The CEO did not provide any further details on production or release timelines, noting that there will be a proper product launch sometime in the future.

However, earlier this year, Tesla teased two new electric vehicle models at its Investor Day, including one that looks like a van and another that resembles a sedan or hatchback.

Tesla’s Upcoming EVs Are Expected to Be More Affordable

Both models are expected to be more affordable and sell at much higher volumes, with one potentially costing as little as $25,000.

Musk said that the combined annual production of these two models could exceed 5 million units.

The cheaper model, referred to by some Tesla fans as the “Model 2,” could be produced at the company’s planned gigafactory in Mexico, which was also confirmed during the Investor Day announcement.

The second vehicle Musk teased may be the robotaxi he has referred to in the past, although the CEO did not confirm this during the shareholder meeting.

He did, however, mention that Tesla is getting close to achieving full self-driving capabilities, which suggests that autonomous driving will be a key feature of the new vehicles.

Other Key Announcements During the Shareholder Meeting

During the shareholder meeting, Musk also announced that Tesla’s former CTO JB Straubel would be returning to the company’s board.

Straubel, who is the founder and CEO of battery recycling startup Redwood Materials, will take over the spot vacated by Hiromichi Mizuno, the former chief investment officer of Japan’s $1.5 trillion pension fund.

Furthermore, the automaker would be trying some traditional advertising methods to promote new features and advertise the affordability of its vehicles. Musk said:

“There are amazing features and functionality about Teslas that people just don’t know about, and although there’s obviously a lot of people that follow the Tesla account and my account…it is preaching to the choir, and the choir is already convinced.”

Musk claimed that Tesla’s AI, which manifests in the company’s advanced driver assistance system, Full Self-Driving, is “by far the most advanced real-world AI.”

He also revealed Tesla’s AI will also be integrated into Optimus, a humanoid robot.

As reported, Tesla is set to release a major software update that will reportedly include new features and upgrades to its user interface.

The update includes several new features, including the option to choose between two different font sizes, standard and large, which would allow users to read the interface better.

The update will also introduce a search feature to the settings and control menu, making it easier for users to access controls and settings quickly.

Read More:

What's the Best Crypto to Buy Now?

  • B2C Listed the Top Rated Cryptocurrencies for 2023
  • Get Early Access to Presales & Private Sales
  • KYC Verified & Audited, Public Teams
  • Most Voted for Tokens on CoinSniper
  • Upcoming Listings on Exchanges, NFT Drops