Elon Musk teased two new Tesla vehicles at the company's annual shareholder meeting.
He didn't say what they will be.
He said Tesla will "probably" sell at least 5 million units annually of the two models combined.
Elon Musk threw a bone to Tesla fans eager to hear what's next from the company by confirming that the automaker is working on two new vehicles.
"We are actually building a new product. We are actually designing a new product. We aren't sitting on our hands here," the Tesla CEO said at the company's annual shareholder meeting on Tuesday.
"There are two new products that I think you will be very excited about," he added.
Screens on either side of Musk displayed a shadowy image of a Tesla car, but it wasn't immediately clear if the depiction was of the next-generation vehicle.
Musk didn't offer much in the way of specifics, saying that the new products would be revealed at a dedicated event at a later date.
He did say that the products' design and manufacturing techniques would be "head and shoulders above anything else" in the auto industry. He said they would be high-volume products, which could indicate a low price point.
"This is just Elon's guess, so, you know, don't sue me," he said. "We'll probably make in excess of 5 million units a year of these two models combined."
Musk has floated several ideas for what Tesla's new models could be. Tesla says that a robotaxi is in development, so we can assume that's potentially one of the vehicles Musk referred to. As for the other, he has mentioned plans for a $25,000 car in the past. He's also floated the possibility of a Tesla van.
Tesla's current four-vehicle lineup hasn't been meaningfully updated in years. And industry analysts say new products and facelifts are needed if Tesla wants to stay at the top of the EV heap.
During the event, Musk said the deliveries of the long-delayed Cybertruck pickup would start this year.
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