If Elon Musk has his way, there will be another generation of budget-friendly lineups after the Tesla Model 3.

Speaking at the "Future Transport Solutions" event in Oslo, Norway, the Tesla CEO is positive of a fourth-generation of Tesla Model cars making their way into showrooms. According to Evannex, Musk said at the event: "I'm super-excited about being able to produce a car that most people can afford. And there will be future cars that are even more affordable down the road, but, with something like the Model 3, it's designed such that roughly half the people will be able to afford the car. Then, with fourth generation and smaller cars, we'll ultimately be in the position where everyone will be able to afford the car."

Musk attributes the possibility of new lineups to the success of the Tesla Model 3. The CEO stated that, "We are now almost at 400,000 orders for the Model 3," adding that the positive feedback for the Model 3 has "surprised even us."

Meanwhile, GreenCarReports say that even with Musk and Tesla open to the idea of additional lineups, the company needs to revamp its production of the Model 3 first. According to the industry follower, it is a good thing that Tesla has exceeded its expectations for the support of the Model 3. However, the downside of this positive feedback is that Tesla needs to ramp up its production line to meet the schedule. The company has committed the Model 3 production to begin late next year. Some observers expect Tesla to overshoot its schedule, since it is based on conservative figures.

In addition, the industry observer noted that since Tesla considers the Model 3 a huge success, the same can be said for its competitors. This means that once the Model 3 comes out, it will not dominate the industry, as several car makers will have eventually launched their own versions of budget-friendly electric cars.