Tesla names its third product in the lineup image

The California-based electric automaker has been enjoying some very good years. It’s shares are still sky high, sales are on a global offensive, in the near future it will set up the world’s largest battery factory and it’s about to increase its product portfolio.

The US green carmaker currently builds just one car – the luxurious Model S sedan – and because of many advantages, like a range that easily bests what other electric cars offer, lots of space and rave reviews from the media – has enjoyed good sales (for an electric) so far. But, we all know that in the highly competitive automotive market – even when you’re a niche manufacturer – you can’t survive with just one model.

Tesla has already presented to the public its second car – the Model X crossover – postponed to early 2015 because of unforeseen setbacks. From that point on, Tesla’s sales and model growth will hinge on the “Gigafactory”, which should lower costs for the battery cells by around 30%.

From 2017, the electric carmaker will have three models in its showrooms, the latest being the one that should put Tesla among mainstream automakers – an affordable sedan. The company also finally revealed the car’s name – dubbed “Model 3”, in a departure from the usual naming scheme that saw an “S” and an “X” for the current offerings. In a funny take on the naming scheme,  Tesla mulled the third model to be named “Model E”, so its line-up would have spelled “SEX”, but was unable to do so because of a litigation with Ford.

Via Reuters