Elon Musk just revealed when Tesla will launch the Model Y

Tesla expects to launch the Model Y by 2020, CEO Elon Musk said during the company's first-quarter earnings call.

During the call, Musk was asked if the company still expects to produce 500,000 vehicles per year by 2018 and one million vehicles per year by 2020.

Musk said yes, but added that the company first needs to get the Model Y into production.

"Yeah I do, I think we need to come out with the Model Y sometime in 2020 or aspirationally in late 2019, and I think one million units is quite likely or maybe more," he said.

In July, Musk confirmed that Tesla plans to bring a new compact SUV, dubbed the Model Y, to market. This vehicle will be built on a separate platform than the Model 3, Musk said during the call.

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Chris Urmson, director of the Self Driving Cars Project at Google, speaks during a preview of Google's prototype autonomous vehicles in Mountain View, California, U.S., September 29, 2015. To match Special Report AUTOS-DRIVERLESS/ REUTERS/Elijah Nouvelage/File Photo
Daniel Goehring, of the AutoNOMOS research team of the Artificial Intelligence Group at the Freie Universitaet (Free University), demonstrates hands-free driving of the research car named 'MadeInGermany' during a test in Berlin, Germany February 28, 2011. To match Special Report AUTOS-DRIVERLESS/ REUTERS/Fabrizio Bensch/File Photo
A Lexus version of a Google Self Driving car is shown in Moutain View, California, U.S., April 8, 2016. To match Special Report AUTOS-DRIVERLESS/ REUTERS/Alexandria Sage
A Lexus version of a Google Self Driving car is shown in Mountain View, California, U.S., April 8, 2016. To match Special Report AUTOS-DRIVERLESS/ REUTERS/Alexandria Sage
File photograph shows video captured by a Google self-driving car coupled with the same street scene as the data is visualized by the car during a presentation at a media preview of Google's prototype autonomous vehicles in Moutain View, California, September 29, 2015. Britain said on March 12, 2016 it will begin trialling driverless cars on motorways for the first time in 2017, as it moves towards its goal of allowing autonomous cars to take to the streets by 2020. Finance minister George Osborne will announce plans on Wednesday to test vehicles on motorways and say the government will bring forward proposals to remove regulatory barriers to the technology, the Treasury said. Alphabet Inc GOOGL.O unit Google wants to eventually be able to deploy fully autonomous vehicles without human controls, and major automakers are racing to develop vehicles that can drive themselves at least part of the time. REUTERS/Elijah Nouvelage/Files
File photograph shows the rear of a Lexus SUV equipped with Google self-driving sensors during a media preview of Google's prototype autonomous vehicles in Mountain View, California September 29, 2015. Britain said on March 12, 2016 it will begin trialling driverless cars on motorways for the first time in 2017, as it moves towards its goal of allowing autonomous cars to take to the streets by 2020. Finance minister George Osborne will announce plans on Wednesday to test vehicles on motorways and say the government will bring forward proposals to remove regulatory barriers to the technology, the Treasury said. Alphabet Inc GOOGL.O unit Google wants to eventually be able to deploy fully autonomous vehicles without human controls, and major automakers are racing to develop vehicles that can drive themselves at least part of the time. REUTERS/Elijah Nouvelage/Files
A driverless vehicle runs at Vanke's Building Research Centre testing area in Dongguan, south China's Guangdong province November 2, 2015. The country's largest property developer, China Vanke, is investing in its own robots to do certain jobs in the face of a labor shortage in the world's most populated country. This driverless car is among the robots that Vanke is aiming to bring in. Picture taken November 2, 2015. REUTERS/Tyrone Siu
A driverless vehicle runs at Vanke's Building Research Centre testing area in Dongguan, south China's Guangdong province November 2, 2015. The country's largest property developer, China Vanke, is investing in its own robots to do certain jobs in the face of a labor shortage in the world's most populated country. This driverless car is among the robots that Vanke is aiming to bring in. Picture taken November 2, 2015. REUTERS/Tyrone Siu
A worker walks past a driverless vehicle at Vanke's Building Research Centre testing area in Dongguan, south China's Guangdong province November 2, 2015. The country's largest property developer, China Vanke, is investing in its own robots to do certain jobs in the face of a labor shortage in the world's most populated country. This driverless car is among the robots that Vanke is aiming to bring in. Picture taken November 2, 2015. REUTERS/Tyrone Siu
Karl-Thomas Neumann, chief officer for electric traction for Volkswagen Group of America, speaks during a demonstration of a driverless car at the Volkswagen Automotive Innovation Laboratory at Stanford University in Stanford, California April 15, 2010. REUTERS/Kevin Bartram (UNITED STATES - Tags: EDUCATION BUSINESS POLITICS TRANSPORT SCI TECH)
Computers and other equipment fill the back of an unmanned car during a demonstration of a driverless car at the Volkswagen Automotive Innovation Laboratory at Stanford University in Stanford, California April 15, 2010. REUTERS/Kevin Bartram (UNITED STATES - Tags: EDUCATION BUSINESS POLITICS TRANSPORT SCI TECH)
People ride on a driverless electric vehicle at the Nanyang Technological University (NTU) in Singapore September 4, 2013. The eight-passenger shuttle vehicle named Navia makes use of laser rangefinders, cameras and a navigation software that allows it to move autonomously and safely at speeds up to 20 km/h, according to manufacturer Induct. Induct and NTU's Energy Research Institute has teamed up to test and optimize Navia in a two-year collaboration aimed at improving the reliability of the battery and reducing charging time, according to local media. REUTERS/Edgar Su (SINGAPORE - Tags: TRANSPORT SCIENCE TECHNOLOGY SOCIETY ENERGY EDUCATION)
A monitor in the back seat displays sensor readings and other information in a driverless car at the Volkswagen Automotive Innovation Laboratory at Stanford University in Stanford, California April 15, 2010. REUTERS/Kevin Bartram (UNITED STATES - Tags: EDUCATION BUSINESS POLITICS TRANSPORT SCI TECH)
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Considering a number of other major automakers are planning to roll out electric SUVs by 2020 — including Audi, Volvo, Mercedes and others — Musk's timing for the Model Y release makes sense.

The automaker plans to begin production of the Model 3, which is a compact sedan, in July. However, deliveries are not expected until late 2017. Tesla has received about 400,000 pre-orders for the Model 3, which is a mass-market sedan, since March 2016 when it began accepting reservations.

Tesla has not said when it will begin taking orders for the Model Y.

NOW WATCH: We took a ride in the futuristic electric car created by former Tesla execs

See Also:
​​​​​Tesla is building stores all over the world ahead of the Model 3 launch
David Einhorn says Tesla is a bubble stock — but it's always been that way
Tesla's about to face investors at one of the most surreal points in its history

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