Elon Musk has stoked the fires of the internet buzz machine once again. This time, the billionaire founder of Tesla confirmed the existence of yet another brand new model via Twitter. Dubbed, the Model Y, it will utilize the same chassis as the Model 3. The existence of a compact SUV was confirmed in Tesla's recent Master Plan, but the name was not confirmed (albeit widely speculated on) until Musk tweeted it out. The Model Y will be a compact SUV that will likely sit above the Model 3 and below the Model X in Tesla's line-up.

The news of the Y's existence comes less than a day after news of a potential Tesla minibus came to light, making many wonder if the Model Y was the rumored minibus. While it originally appeared this was the case, Musk was quick to confirm the Model Y will be a completely separate vehicle to the minibus. In fact, Musk also went on to confirm that the minibus will adopt a new naming structure not yet seen on Tesla vehicles. So much for the Model B. No official word has come from Musk or Tesla regarding a potential release date (or any other info) for the Model Y. It's safe to assume the Y will be released well after the Model 3 so you'll have plenty of time to get your checkbooks ready!