Tesla Unveils the Model Y crossover SUV

Tesla CEO Elon Musk is confirmed to finally reveal its Model Y crossover SUV on March 14th in an event at the company’s design studio in Los Angeles. The new electronic vehicle will be Tesla’s fifth since the company was founded in 2003.

Tesla Motors Assembly.

The Model Y will share about 75 percent of its parts with the Model 3, which is now Tesla’s most inexpensive vehicle. Musk said the Model Y will be around 10 percent finer, cost around 10 percent more, and will have marginally fewer range than the Model 3. The Model Y won’t have the “Falcon Wing” doors that are found on Tesla’s larger SUV, the Model X.

The model Y SUV will have lots in common with the model 3, but it will price a little costly. With Model 3 orders often selling for more than $50,000 that could put a typical Model Y in the $55,000 range. A week ago, Tesla announced availability of a more economically valued $35,000 Model 3 car.

Further details on specs and pricing will be unveiled at the event, Musk said. Tesla will offer test rides, meaning the company likely has a few pre-production models already finished. Musk also announced that Tesla will reveal it electronic pickup truck “later this year.”

The Model Y, which Musk has hinted at for four years, will share the same platform as the Model 3 to save prices, Musk announced in January. Tesla will build the Model Y at the company’s Giga factory outside Reno, Nevada, and the vehicle is expected to enter volume production in 2020. Tesla also eventually plans to make Model Ys at the Giga factory it’s building in Shanghai, China.

Musk’s statement comes just three days after Tesla finally made the long-promised $35,000 Model 3 accessible to buy. The company also said a week ago that it is transitioning to an online-only sales model going onward, is closing “numerous” of its stores around the world, and is laying off an unrevealed number of workers.

Tesla has only exposed one teaser image of the Model Y in his view: a simple black-and-white outline. However, the company’s been talking about the sedan for years. In 2015, Musk tweeted the name of the Model Y before rapidly removing the tweet.

He also went back and forth on whether the compact SUV would be made on the same technological platforms as the Model 3, before finally deciding to share technology between the vehicles in order to be able to take the Model Y to the market on time. Musk announced Tesla signed off on the final design a year ago.

Musk had previously joked that the Model Y would be revealed on March 15th “because the ideas of March sounded good.” A few Chinese media markets had speculated earlier this month that Tesla might wait to unveil the sedan at April’s Shanghai Auto Show.

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