Tesla founder Elon Musk made an announcement on Twitter Wednesday night.
Tesla has already announced two new models that will roll out over the years in addition to the luxury sedan Model S available now: the Model X, an SUV that will come out in 2015, and the more affordable Model III sedan, which will probably go on sale in 2017. Tesla is also working on a massive "gigafactory" to produce batteries.
The Model III was originally going to be called the "Model E," so Tesla's product lineup would have spelled out "S-E-X." But Ford owns the trademark to "Model E" and so they had to settle on "Model III."
"We were going to call it model E for a while and then Ford sued us saying it wanted to use the Model E – I thought this is crazy, Ford's trying to kill sex!" Musk told the British magazine Auto Express.