Electric car manufacturer Tesla Motors (NASDAQ:TSLA) is drawing plans for two new models to be launched in 2016.
The announcement of the new models, which include a sports car to replace the Tesla Roadster and a compact crossover SUV in the vein of BMW’s X3, comes shortly after the debuts of Tesla’s Model S sedan and Model X seven-passenger crossover earlier this year.
Additionally, Tesla has plans for an entry-level sedan to hit the market in 2015. With Wednesday’s announcement, Tesla signaled that it would have five models in production within the next four years. The Roadster was discontinued in January.
Tesla stock was up fractionally Wednesday morning.
— Ryan Hauck, InvestorPlace