Tesla Motors is working on a small crossover sedan that will "share its basic underpinnings" with a new compact sedan expected to be released by 2017 according to company CEO Elon Musk.

The new models will be smaller and cheaper than Tesla's Model S sedan, which went on sale last summer and the upcoming Model X crossover due in 2014 according to Reuters.

The small sedan, currently known as the Gen 3 because it will be built on the company's third-generation platform, is expected to compete with the BMW 3 Series and the Audi A4.

The Gen 4 will be priced at approximately $30,000 Musk said on May 30.

The company's compact crossover could share some of the same designs used for the Model X, like gull-wing doors according to Musk. The new crossover will compete against the BMW 1 and Audi Q3 crossovers.

Click here to read about Tesla's stock topping $100 a share for the first time ever.

Tesla is hoping customers chose their new cars once released based on their propulsion system. Like the Model S, the two new models will be powered "exclusively" by electric motors and lithium-ion batteries.

Both vehicles will be designed to use the company's fast-charge stations.

Musk announced earlier this week that Tesla is "accelerating" plans to expand its Supercharger network across North America. Musk feels confident that by this time next year 100 new stations will be open in key locations.

By the end of June, 25 stations will be in place in cities like Chicago, Houston, Portland and Seattle. Currently eight Supercharger stations are open, including six in California alone.

The Supercharger stations use proprietary technology developed for the Model S and future Tesla vehicles. Musk said it would be "difficult" to make the stations generic so that other EVs can use it to charge up.

Click here to read more about the charging stations.

Musk did say though that he is open to the idea of creating charging technology with a major auto manufacturer.

"The other manufacturers can either copy us or join us," Musk said to reporters this week according to Reuters.

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