A Model Roadster
Tesla Inc. CEO Elon Musk regaled Twitter users Friday with updates on the Model 3, the all-electric sedan that the Silicon Valley car maker hopes to sell to the masses by the end of the year, as well as plans for more new Tesla cars.
Over several tweets Friday, Musk disclosed plans to create versions of the Tesla TSLA, -3.43% Model 3, which is expected to cost $35, 000, and cautioned people not to think of a Model 3 like the next model of a smartphone.
Am noticing that many people think Model 3 is the "next version" of a Tesla, like iPhone 2 vs 3. This is not true.— Elon Musk (@elonmusk)
Model 3 is just a smaller, more affordable version of Model S w less range & power & fewer features. Model S has more advanced technology.— Elon Musk (@elonmusk)
Musk also tweeted a video showing the first drive for a Model 3 test car:— Elon Musk (@elonmusk)
The Model 3 is the linchpin of Tesla’s expansion plans, which include ramping up production to a rate of half a million cars by the end of 2018. The company has said it is on track to start making the first few Model 3 vehicles in July and deliver the first cars at the end of the year.
Read more: Tesla is getting rid of its cheapest Model S
There is going to be a “performance” version of the Model 3 likely a year from now, he said on Twitter.
The Model S, the first car Tesla built entirely in-house, would “still win” on acceleration, though, as it has more space for a larger battery, Musk said. A shorter wheelbase in the Model 3 would only allow for a 75 kwh at the current capabilities, he said.
The CEO also professed himself “first in line” for a dual motor car “as soon as we can make it, which is probably in 6 to 9 months, ” he said on Twitter.
Related: Tesla shows confidence in Model 3 rollout by ‘only’ seeking $1.15 billion
In addition, only the Model S luxury sedan will have the seven-seater option, more cargo space, two dashboard screens, auto extend door handles and other features, Musk said.
Tesla last week announced it will be discontinuing the cheapest version of its Model S after April 16. Most customers ended up ordering the pricier versions and Tesla wanted to streamline its ordering process.
Yes. Model S will always be the fastest Tesla until next gen Roadster, which is a few years away.— Elon Musk (@elonmusk)
See also: Tesla’s huge stock move pushes its market cap closer to Ford’s, GM’s
Tesla shares have gained 14% in the past 12 months, slightly underperforming the S&P 500 SPX, -0.08% which gained 15% in the same period. In recent months, however, the stock has outpaced the benchmark, up 22% in the past three months to the S&P’s 4% gain.