The Tesla Model 3, the electric sedan the company unveiled last week, is coming later this year, according to Tesla CEO Elon Musk.
Musk spoke to reporters at a news conference Wednesday.
“It’s not a new product, it’s a brand new product,” he said.
“We’ve already sold 10,000 Model 3s in the first month, and we have 10,100 Model 3 units in the factory.”
Musk says Tesla is not releasing any sales figures for the Model 3 but that the vehicle is coming in 2019.
He says Tesla will unveil a “major product” in 2019, which will be a sedan, “a bit larger than the Model S.”
The company has a production backlog of about 100,000 vehicles.
The Model 3 has a base price of $35,000.
Tesla plans to deliver 5,000 cars per month.
The company also said it is “very confident” that the battery pack in the Model X, the company’s electric crossover, will work on the Model III.
It is not known how long the battery will be able to last on a Model III but Musk said that Tesla is “pretty confident” it will last a year.
The announcement came as the company reported second-quarter earnings and quarterly revenue that were below Wall Street estimates.
Analysts expected Tesla to report earnings of $1.06 billion, or $2.25 per share.
The first quarter was Tesla’s worst in nearly four years, and analysts had projected a $1 billion loss.
Wall Street had expected earnings of about $1 per share, and Tesla had hoped to earn $2 per share in the second quarter.
Tesla’s stock has risen about 14 percent in the last year.