The report quotes Tesla design boss Franz von Holzhausen, saying that the new model would also bring its own unique styling to the family.
Von Holzhausen said that the new mid-sized sedan would drive down the cost of entry into the Tesla range, potentially as low as US$30,000.
The Model S starts at $57,400 in the US, excluding a $7500 federal government tax incentive. Australian prices are expected to be in-line with the premium luxury sedan segment.
The report adds that an electrified pickup could also be on the cards.
"There will be a time and place for us to develop something around a pick-up," von Holzhausen said, adding that the torque of an electric motor would be ideal for that market.
While the sub-Model S sedan is reportedly set for a 2015 debut, it remains to be seen if or when Tesla will branch out into the pickup segment.
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