Musk: Compact Tesla sedan to arrive in 2016

Tesla CEO Elon Musk has revealed a few more details about the electric automaker's future product plans.

Last month reports surfaced that Tesla's upcoming line of compact vehicles – which will initially include a sedan and then a crossover -- would arrive "in the next three to four years,” but Musk put a more definitive timestamp on that goal during a shareholders' meeting this week, stating that the company would launch the first of its so-called "Gen III" models in 2016. Musk also confirmed that the firm's upcoming compact electric sedan would carry an MSRP of about “half” of the Model S, or $30,000.

Musk added that the Gen III sedan will have a "family resemblance" to the current Model S and feature "some autopilot or self-driving elements.” It will also boast an electric range of at least 200 miles, or roughly triple that of the Nissan Leaf.

"A significant improvement in technology is needed to have a compelling affordable electric car. To be compelling, it must have a useful range of 200 miles," Musk said, according to Automotive News.

Tesla's Gen III offerings will follow the launch of the Model X crossover, which is scheduled for to arrive late next year.