Elon Musk Teases 2 New Tesla EVs, Rumored to Be Cheaper Hatchback and Van

Elon Musk revealed that Tesla was working on two new models of electric cars, including a hatchback with a lower price tag and a van.

Tesla's billionaire CEO claimed at Tuesday's annual shareholder meeting that Tesla is already developing new electric vehicles, which will, he said, far exceed industry standards.

Musk said: "I want to stress that we're actually building a brand new product." We are designing a brand new product. We are not just sitting around.

The CEO didn't provide any additional details on production and release timelines. He did note that a proper launch of the product will take place in the near future.

Tesla teased at its Investor Day earlier this year two new electric vehicles, one of which looks like a minivan and the other which resembles either a sedan, hatchback or sedan.

Tesla's upcoming EVs are expected to be more affordable

The two models will be much more affordable, and they are expected to sell in greater volumes. One could cost as little as $25,000

Musk stated that the combined production of these models could be more than 5 million units per year.

Tesla's gigafactory, also known as 'Model 2' by some Tesla enthusiasts, could produce the cheaper model. This was confirmed at Investor Day.

Musk may have teased the robotaxi, which he has mentioned in the past. However, the CEO didn't confirm this at the shareholder meeting.

He did mention, however, that Tesla is close to reaching full self-driving capability, which indicates that autonomous driving will likely be a feature of the new cars.

The Shareholder Meeting will also include other important announcements

Musk announced at the shareholder's meeting that Tesla's former Chief Technology Officer JB Straubel will be returning to its board.

Straubel is the founder and CEO at battery recycling startup Redwood Materials. He will replace Hiromichi MIZUNO, the former Chief Investment Officer of Japan's $1,5 trillion pension fund.

The automaker will also use traditional advertising techniques to advertise its affordability and new features. Musk said:

"There are many amazing features and functions about Teslas, which people don't even know about. Although there are a lot people who follow both my Tesla account and Tesla's account...it's preaching to a choir that is already convinced."

Musk said that Tesla's AI is the'most advanced AI in real-world'. This AI manifests itself as the company's advanced driving assistance system, Full Self-Driving.

Tesla's AI is also being integrated into Optimus - a humanoid robotic robot.

Tesla will release a major update to its software, which is said to include upgrades and new features to the user interface.

This update contains several new features including the ability to select between two font sizes: standard and large. This would allow users to better read the interface.

This update also adds a search function to the Settings and Control menu. Users can now quickly access settings and controls.