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May 04, 2017 04:14 AM EDT

Elon Musk Reveals Tesla Model Y: Expect Release In Late 2019 Or 2020 [VIDEO]

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Tesla's first quarter financial results are out and CEO Elon Musk said the Model Y will be coming in 2020 or late 2019. Model Y is Tesla's upcoming all-electric crossover vehicle, which happens to be the key to achieving Tesla's 1 million cars per year goal in 2020.

Watchers of the industry said the timing is a little later than expected. There was a one-year production ramp up anticipated for the electric compact SUV. Musk confirmed the vehicle will be built on a new platform, showing a change in Tesla's original plans of building it on the same platform as the Model 3.

The Verge reported Model Y could hit the assembly line as soon as late 2019. It is expected to start production in 2020 where in he planned a big change, including getting rid of the 12-volt battery architecture.

Tesla will rid the new model of its lead-acid battery and will have to find a different way to power in-car electronics. Musk also intends to reduce the overall wiring and simplify the production process.

Musk believed that less wiring will mean easier automation in the production process. He plans to have a more automation production line for the Model Y. He said Model Y will be something else.

Tesla announced that it has shipped a record number of 25,051 cars in the first three months of 2017. The company aims to deliver 50,000 cars by the middle of 2017. Production of its first mass-market car, Model 3, is set to start this July by producing 5,000 cars per week and increase to 10,000 cars per week by some point in 2018.

Musk said Model Y will feature Falcon Wing doors similar to that of Tesla's Model X.  Electrek reported, last year they conducted a survey and asked readers if they wanted Falcon Wings on the Model Y and out of 5,480 readers who took the poll, 58 percent said they didn't want the complex door system.

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