Tesla Inc. (NASDAQ:TSLA) CEO Elon Musk has sparked speculation that a new model could be on the horizon for the EV giant following a cryptic social media post on Tuesday.

Way Cooler Than A Minivan

User Leah Libresco Sargeant took to the social media platform X, asking Musk to make a Tesla minivan after the billionaire said that the Cybertruck’s rear seat has three ISOFIX mounts, which would help it fit three child seats and enhance child occupant safety.

Musk, in response to the user, shared that something “way cooler than a minivan” was on its way for Tesla, possibly hinting at a new Tesla Model in the works.

Tesla’s New Model Leaked?

Interestingly, leaked images of a frame purportedly belonging to the new Tesla model have surfaced on social media, adding fuel to Musk’s claims. User Joe Tegtmeyer on Monday shared a new video of drone footage he took at Tesla’s Gigafactory in Texas. In the video, we can see what appears to be a frame of a vehicle inside a box.

While the frame bears a resemblance to the Model Y SUV, it features an extended rear portion with more space and bigger windows, giving it a minivan-like silhouette. Could this be the new model Musk teased?

Tesla Sales Up 29%

The talks of a new model come as Tesla’s sales in Europe surged 29% in February, according to data shared by the European Automobile Manufacturers’ Association (ACEA), as the automaker registered 13,740 vehicles in the region last month.

Tesla’s surge was also followed by BYD Co. Ltd. (OTC:BYDDY) (OTC:BYDDF), which registered 15,438 vehicles in the European market in February. The sales uptick could provide a major boost for the company, which has recorded declines for more than a year.

New Model Could Help Expand TAM

While sales surged, a new model in the lineup could give customers more choice and increase footfall in showrooms as Tesla’s aging lineup of vehicles, comprising the Model Y, Model 3 and the Cybertruck, could deter customers and limit the total addressable market (TAM).

Tesla also sunset the premium Model S and Model X to shift its focus towards the Optimus humanoid robot, as confirmed by Musk during the company’s Q4 earnings call earlier this year. For reference, Tesla’s Cybertruck was introduced in 2023.

While the Cybercab, without a steering wheel and pedals, could attract buyers with its $30,000 price tag, questions remain about the safety of Tesla’s Full Self-Driving (FSD) system, which is a crucial element of the Cybercab. This could further strengthen the case for an all-new, more traditional model to help boost sales.

According to Benzinga Edge Rankings, Tesla scores well on the Momentum metric and also offers a favorable price trend in the Long term.

Price Action: TSLA gained 0.57% to $383.03 at market close on Tuesday, further surging 0.97% to $386.71 during overnight trading.

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