Credit: Tesla

With the price-reduction on the infamous Model 3 and the Model X seeing its fifth year in the market, Tesla CEO Elon Musk has announced the fast-track of its latest design. Last week, Musk revealed that the company is preparing for 2020 production on what he believes will be the best-selling model. Introducing, Model Y.

Shifting away from the sedan design like much of the automotive industry, the Model Y is set to be a hybrid of the Model 3, with the specs of a SUV and despite problems with the previous car, it is promised to not happen again. Built on the same platform of, the SUV will be created from 75 percent of its parts, believing to keep down costs and production time.

While the electric car company is still trying to makes its way into mass market pricing, the move into a SUV design will make the environmentally-friendly technology more attractive to consumers.

“The demand for Model Y will be maybe 50% higher than Model 3, could be even double,” Musk told investors on a conference call last week.

“This year should be a truly exciting one for Tesla,” the company also said in the shareholder letter. “Model 3 will become a global product, the profitability of our business should become sustainably positive, our new Gigafactory Shanghai should start producing cars, and we will start tooling for Model Y production.”

For buyers in Australia, hopefully this means access to the Model 3 overseas, despite deliveries still unconfirmed for the US and other parts of the world.

Details on the “Y” specs are still scare so stay tuned for more information soon.