Tesla senior executives have revealed that the upcoming Tesla Model 3 won't be just one car — it'll be two: a crossover and a sedan.

During a conference in Washington D.C., Tesla's chief technical officer JB Straubel announced that Model 3 will be the third generation of Tesla vehicles. The Roadster was the company's first entirely electric sports car. Tesla's second series of vehicles included the Model S, which was introduced in 2012 and the Model X, which will hit stores later this year.

The Model 3 is anticipated to offer 200 miles of driving on one full charge. The car is expected to have a price tag of $35,000 — which is way cheaper than Tesla's Model S.

The company is gearing up for a 2017 launch of the Model 3. The launch of the new car will help Tesla push annual car sales figures to 500,000 by 2020. During the presentation, Straubel revealed that Tesla is also planning to develop more cars, but did not provide any further information.

A Wall Street Journal report cites Tesla senior executives who believe that the lithium-ion battery will become very inexpensive in the near future, making it widely available to customers. Lithium-ion batteries are also thought to become the primary and predominant fuel for future light vehicles.

Other carmakers, such as General Motors, are also expected to reveal their own electric cars by 2020, which may provide stiff competition to Tesla.

Electric cars are believed to be the future of the auto industry and Tesla appears to be taking important steps to take get there first and and outshine its rivals. The carmaker is already in the process of building a battery plant in Nevada to keep up ahead of the shift in the car industry.

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