Elon Musk's Tesla Inc, formerly Tesla Motors Inc will embark on a massive expansion plan with two models set to pop out in the next two years.
According to Autocar, the American electric carmaker will launch the Model Y, a compact SUV based on the Model 3 sedan which will hit the streets by early 2018.
The rumoured Model Y rests on the same platform as the Model 3 and may feature the same falcon wing doors found on Tesla's current SUV, the 7-seater Model X (pictured).
While the Model 3 remains the priority for Tesla, the Model Y could prove to be an absolute goldmine for the company thanks to the rising popularity of crossovers in the United States and the rest of the world.
The Model 3 and the Model Y will sport the updated autonomous hardware that will allow Tesla to offer full autonomous driving capability with future Teslas set to get a 360-degree view of the surrounding roads thanks to an array of cameras, ultrasonic sensors and radar.
Musk's plans to push production levels to 500,000 cars per year by 2019 will severely test the capabilities of Tesla's production facilities and its suppliers. However, by reaching those levels in sales as well, Tesla could finally become profitable and secure its long-term future at the same time.