Here's everything Tesla wants to accomplish by 2020 (TSLA)

Elon Musk Tesla Portrait Illustration

Elon Musk's plans for the coming decade are nothing short of ambitious.

Among other things, Tesla's CEO has promised to dramatically increase car production, launch several completely new cars, and conquer self-driving vehicles by 2020.

Here's a closer look at what exactly Musk has promised Tesla will accomplish during the next few years.

Complete its giant Gigafactory.

Elon Musk’s giant battery factory in Nevada is absolutely key to Tesla's future because it will help the company cut the cost of its batteries.

The Gigafactory, which is some 5.5 million square feet, will help the company dramatically cut the cost of its batteries by "using economies of scale, innovative manufacturing, reduction of waste, and the simple optimization of locating most manufacturing process under one roof."

Tesla estimates the factory will help it reduce the cost of its batteries by as much as 30% once it is fully operational in 2018.

In fact, Tesla said it will create more battery cells at the Gigafactory than all of the lithium-ion battery makers combined in 2013.

Bring the Model 3 into production.

The batteries created at the Gigafactory will enable Tesla to produce its first mass-market car, the Model 3.

It will be priced at about $35,000 and have a range of more than 200 miles per charge.

Tesla started production of the Model 3 earlier this month and plans to begin its first deliveries at a company event on July 28.

Launch a compact SUV dubbed the Model Y by the end of 2019 or early 2020.

In July 2016, Musk confirmed that Tesla plans to bring a new compact SUV to market, dubbed the Model Y.

But it wasn't until this May when a timeline for the vehicle was revealed.

Musk said during the company's first-quarter earnings call in May that the Model Y will arrive by either late 2019 or 2020. He also revealed during the call that the vehicle will be built on a separate platform than the Model 3.

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