Tesla will launch a new entry-level model within four years, CEO Elon Musk has said.
Musk hinted that the new car will be a rival to the Nissan Leaf. It will have a range of around 200 miles and will cost less than £26,500.
The new model is top priority for Tesla, with Musk saying he won’t consider selling Tesla or leaving the company until the car is built.
Musk added that he believes Tesla’s Model S is compelling but too expensive for the company to achieve mainstream growth.
In an interview with the Bloomberg news agency, Musk said : “With the Model S, you have a compelling car that’s too expensive for most people. And you have the Leaf, which is cheap, but it’s not great. What the world really needs is a great, affordable electric car. I’m not going to let anything go, no matter what people offer, until I complete that mission.”
Speaking about a possible sale of Tesla, Musk added that any potential buyer would most likely be someone from outside the motor industry.