Version vs. variant (vocabulary proposal)
Let's start a vocabulary
A new (or next) version (or release) of something means it is a successor of the base thing. A variant of hw can have different versions/releases and not the other way around.
For example in OSE D3D Printer there is the base variant (with steel frame) and the tube variant (with PVC pipe frame). I think both variants should reside in the same repository side by side since they share most of the parts.