Elon Musk revealed that he's approved the Model Y prototype for production - but it's not the upcoming Tesla vehicle he's most excited about

Aaron Bernstein / Reuters

Tesla CEO Elon Musk.

• Tesla CEO Elon Musk said on Wednesday that he had approved the prototype of the Model Y crossover SUV to go into production.
• During the automaker's third-quarter earnings call, Musk said the Model Y would begin volume production in 2020.
• Musk also said on Wednesday that, among Tesla's upcoming vehicles, he is most excited about its pickup truck.

Tesla CEO Elon Musk said on Wednesday that he had approved the prototype of the Model Y crossover SUV to go into production and revealed which upcoming Tesla vehicle he is most excited about.

During the automaker's third-quarter earnings call, Musk said the Model Y would begin volume production in 2020. Reuters reported on Wednesday that Tesla will make the Model Y at its upcoming Shanghai factory, citing a Shanghai government filing. Musk said in May at Tesla's annual shareholder meeting that the automaker will unveil the vehicle in March.

The Model Y will be a crossover SUV that shares elements of the platform for Tesla's Model 3 sedan. During the automaker's first-quarter earnings call in May, Musk said the Model Y will transform Tesla's manufacturing process.

"I think Model Y is going to be a manufacturing revolution," Musk said. "It will be, I think, incredible from a manufacturing standpoint, because we do not want to go through this pain again," he said, referring to the difficulties Tesla faced ramping up production for the Model 3.

Musk also said on Wednesday that, among Tesla's upcoming vehicles, he is most excited about its pickup truck. He has said Tesla will release it after the Model Y, and in June he said the pickup truck will include "crazy" torque, two motors, all-wheel-drive, and a suspension that is able to adjust to the load the vehicle is hauling. He also said it would have 360-degree cameras, sonar, and the ability to parallel park on its own.

In addition to the pickup truck and Model Y, Tesla is also planning on making a semi truck and a new version of its Roadster sports car.

Have a Tesla news tip? Contact this reporter at mmatousek@businessinsider.com.

Read more about Tesla's Q3 earnings:

• 'Tesla may have crossed the line to become self-funding': Here's what Wall Street is saying about Tesla's surprise profit
• Elon Musk says Tesla's plan to not raise more cash 'may change'
• Tesla reports surprise profit in 'truly historic' quarter
• Tesla is set for huge gains after crushing earnings
• Tesla made 5,300 Model 3s during the last week of Q3 - but it said it would make 6,000 weekly by the end of August

Get the latest Tesla stock price here.