Tesla Confirms Cheaper EV Model for 2016, Musk Says it will Cost Half the Price of Model S

Elon Musk, the visionary entrepreneur behind PayPal, SpaceX and Tesla Motors, has provided some new information while also confirming other details about his automotive venture's plans, during Tesla Motor's annual shareholder meeting on Tuesday.

Perhaps the most important bit of news shared by Musk was the confirmation of a smaller battery-powered model, currently known as the Gen III. "It will probably arrive at the end of 2016 I would say - the third generation vehicle, or the vehicle that is in a lot of ways a smaller version of the Model S at about half the price".

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Tesla Pushes Back Model X Launch for Late 2014

Tesla officials have announced that, due to the high demand potential shown by the Model S all-electric sedan, they have pushed back the launch of the Model X crossover/SUV by around one year.

The move was made in order to give the Model S some time to "mature" on the market, if you will, so it now has the whole of 2013 to attract attention towards the world of EVs in general, and Tesla in particular.

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Color Me White: Tesla Displays Slightly Updated Model X Prototype at Detroit Motor Show

Tesla’s second model after the Model S all-electric saloon will be the Model X crossover, which was on display at the automaker’s stand at the Detroit Motor Show.

Although we’ll have to wait for the automaker’s press conference to find out more about the seven-seater electric SUV that's based on the chassis and running gear of the Model S, the only visible exterior difference to the prototype that was launched last year is the white, instead of silver, paint and the alloy wheels’ design.

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