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.

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.

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