For a while now, the only things we've known about Tesla's upcoming Model 3 were the promises made by Elon Musk: A fully electric vehicle with a $35,000 price tag and 200 miles of battery range. Today, Tesla Motors Chief Technical Officer JB Straubel revealed that the electric automaker wants the Model 3 to be a family of vehicles, with both sedan and crossover variants.
that Straubel made the remarks at a conference in Washington, D.C. today, saying that the Model 3 that's currently under development will spawn both sedan and crossover varieties. The executive also reiterated claims previously made by Tesla founder Elon Musk, that the company plans to sell 500,000 vehicles annually by 2020.
Straubel remarked that Tesla execs believe lithium-ion batteries will become so inexpensive and reliable that they'll become "the predominant and primary fuel for light vehicles," . He also mentioned that Tesla has plans to develop multiple new models beyond the Model 3, but did not go into detail.
Tesla already plans to unveil a crossover vehicle, the Model X, later this year. Based on the Model S sedan, the larger crossover design has been seen testing on public roads, though its official launch date has been repeatedly postponed.
WSJ reports that just a few days ago Tesla secured up to $750 million in additional funding—a small bolster against the company's current cash burn, which blew through $500 million in the first quarter of 2015 alone.