Tesla Motors is looking at three sites to start construction for its lithium-ion battery plant in the U.S., according to company CEO Elon Musk.

A decision on the final site of Tesla's "gigafactory" won't come before the end of the year, according to Reuters.

"We're probably going to do two or maybe three states all the way to creating a foundation and completing the plans and getting approval," Musk said to shareholders at the company's annual meeting in Mountain View, California. "It might actually be three states we do it in."

Previously the automaker said it would pick two winners from among five choices: Nevada, Arizona, New Mexico, Texas and California.

Once two choices have been decided, Tesla will then start developing the sites simultaneously to minimize risk of delays after groundbreaking.

Most analyst believe that Tesla needs to finalize plans for the plant "soon" if they want to meet its 2017 production goal.

The gigafactory is being developed in conjunction with a third-generation car called Gen 3, which will cost about $35,000.

The vehicle will hit the market sometime in late 2016, according to Musk.

Musk said he will remain CEO of the automaker for at least another four or five years through the production of the high-volume vehicle.

Just two weeks ago Panasonic said it expected to be the sole manufacturer in Tesla's gigafactory.

Musk said that the next-generation roadster vehicle is probably another five years away.

Once the Gen 3 is released, Musk said Tesla will most likely look to build electric trucks and possibly a vehicle that would cost under $35,000.

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