Tesla Motors has made some serious progress in proving electric cars can be cool. The only problem: They haven't done it cheap. In 2016 that will finally change. Tesla CEO Elon Musk announced during an annual shareholder last night that the company will put out a less expensive electric car in 2016. The sedan, known as a Blue Star, will be priced at $30,000-40,000. Currently Tesla's cheapest vehicle is the Model S, starting at $69,900. 

Details are scarce since this is an early, early announcement. We'll keep you up to date as more information is released. 

Related: Tesla CEO Elon Musk Has Promised an Affordable Electric Car

Related: Elon Musk Is Ready To Talk About His Super-Secret Hyperloop 

[via the Car Connection