Tesla made some big announcements this week. First, the company revealed it had posted a profit for the first time ever during the third quarter of 2018. During the announcement, CEO Elon Musk took the opportunity to drop some very interesting nuggets of information about the car the company is planning on making next, the mysterious Model Y.

After the release of the Model S and X, Tesla shifted its focus toward affordable vehicles. Although it hit many speed bumps along the way, the Model 3 finally turned Tesla profitable and the Model Y is the car Tesla hopes pushes its profits even further. This is why it was really intriguing that Musk revealed he “recently approved the prototype [of the Model Y] to go into production.”

Musk previously stated the Model Y had an estimated production date of 2020 and the news solidifies the notion that Tesla could hit that mark on time.

The Model Y is set to be an affordable SUV EV from Tesla that will have a similar powertrain to the Model 3 but look like a smaller Model X that eschews some key features like the Falcon Wing doors.

During the conference call, Elon Musk also touched upon the semi truck and Roadster that are in development while also stating he is “excited” about the development of the Tesla pickup truck.