Tesla is changing course to launch the Model Y sooner, with the compact crossover’s platform being carried over from the Model 3.

Previously CEO Elon Musk said the Model Y would be built on its own platform, and the company would be able to hit an ambitious target date in 2019. He also showed a teaser photo during the annual shareholder meeting, which you can see above, indicating the Model Y will be a smaller version of the Model X.

During yesterday’s quarterly earnings call, Musk admitted he had to back off his usual approach of going to excess by setting overly ambitious and costly production targets.

“Upon the council of my executive team to reel me back from the cliffs of insanity, the Model Y will, in fact, be using substantial carry over from Model 3 in order to bring it to market faster,” Musk said.

Musk had been planning to sidestep the usual 12-volt battery architecture used in other Tesla vehicles. The idea was to drastically reduce the length of wiring needed in the electric drive and to simplify and speed up production. More robots would be introduced to the plant to help that along.

These production goals will still be met, Musk told shareholders Wednesday, but creating an all-new architecture platform would be very expensive and labor intensive for a company working hard to cut its profit losses.

The quarterly call also addressed the tough issue of how the company burned through $1.16 billion in the second quarter to increase production capacity on the new Model 3 along with battery output.

The argument seemed to go over well with shareholders, who say they’re looking forward to the wave of Model 3 deliveries starting later this year, installations of solar energy, and an electric semi-truck being added to the product pipeline.

Share prices climbed 7.4 percent to $350.13 after the close of the stock market Tuesday, Bloomberg reported.

SEE ALSO: Tesla Teases Model Y

The Model Y is expected to share a lot of components with the Model 3. It will also get a few features handed over from the Model X SUV, such as the falcon-wing doors.

Tesla hasn’t backed off its mission of reinventing itself as a sizable auto manufacturer.

Next year, the target is to produce 500,000 new vehicles; and with the with Model Y being added at high production volumes, the target is to double it to 1 million vehicles built by 2020.

That will be a huge leap. The company just reported that it shipped 47,000 new electric vehicles during the first half of 2017. If it hits the 100,000 mark by the beginning of January, production has to increase 10-fold within just three years.

The Verge