Tesla Motors has announced the Model III sedan could spawn derivatives such as a wagon and a crossover.

Tesla wants a bigger piece of the compact pie which is why the Model III will be joined by other members like a wagon and/or crossover, following the sedan's introduction in 2016 as a 2017MY. Talking to Auto Express, Tesla's vice president for engineering Chris Porritt said that with the Model III the company wants to target a broader customer range which is why they are planning "derivatives which will appeal to all sorts of people. SUVs, estates - who knows?"

The Model III will cost between £30,000 and £35,000 ($48,300 and $56,300 / €38,100 and €44,500) and according to Porritt getting the price targets right will be crucial for the car's success and the company's future. He went on to say that the current technology is expensive and in order to offer the Model III at a cost-effective price they will have to lower the production costs.

Until the arrival of the Model III, Tesla Motors will begin series production of the Model X at the beginning of next year. The mid-size electric SUV will be offered exclusively with an all-wheel drive configuration and is going to keep the concept's falcon wing rear doors.

Note: Tesla Model III renders by RM Design pictured