At the shareholders meeting, Musk said Tesla actually made a mistake deriving Model X from the Model S platform. "It would have been better to just design an SUV the way an SUV should be designed. Design a sedan, the way a sedan should be designed. Otherwise, you would just try to shoehorn something that doesn't make sense," he said. The decision also gives Tesla the chance to use new and better manufacturing techniques for the SUV that will allow the automaker to drop capital expenditures between Model 3 and Model Y by a factor of two.

In addition to dropping a shadowy photo of its upcoming SUV, the company has also assured everyone that it's on track to begin Model 3 production in July. Its configurator will go live then, as well, starting with the simplest options like the car's color and the wheels. Other more complex options like dual motors will be available later. If you put down a deposit for the $35,000 electric sedan right now, you might get it as soon as the end of the year.

Finally, Musk has hinted at a big announcement when Tesla unveils its electric semi truck later this year. He wouldn't reveal much other than suggesting that "there's more than [they're] saying here" and recommending people to tune in.