Since Tesla has been founded in 2003, the latest electric car will be the fifth release. The company will unveil the latest Model Y crossover SUV. This will happen on March 14, at the company's event in their design studio at Los Angeles.
Elon Musk, the company's CEO announced this last Sunday. Tesla's Model Y will be sharing about 75% of its parts with the Model 3, which is the company's most affordable car as of now. Elon Musk mentioned that the Model Y will be bigger about 10% compared to Model 3.
Thus, the cost of their latest car will be 10% more. The latest model will also have a slightly less range than the 3rd model. However, the Model Y will not have its "Falcon Wing" doors that can be found on the company's bigger SUV which is the Model X, according to Tech Crunch.
According to Elon Musk, more details regarding the specs and pricing of Tesla's Model Y will be revealed on the event. The electric car company will also be offering a test ride. It means that the company is more likely to produce few-production prototypes in time for the event. The CEO also added that they will also unveil an electric pick-up later this year.
Model Y, being an SUV, is about 10% bigger than Model 3, so will cost about 10% more & have slightly less range for same battery — Elon Musk (@elonmusk) March 3, 2019
As follows, Tesla will construct the Model Y at the company's Gigafactory located outside Reno, Nevada. The vehicle is supposed to begin its volume production in 2020. The company also plans to make the Model Y's at the Gigafactory, in Shanghai, China.
The announcement of Elon Musk comes just three days after Tesla has finally made the long-promised $35,000 Model 3 available for purchase. The electric car company also announced last week, that they will be transitioning to an online-only sales model. Thus, they will be closing "many of its stores around the world and will be laying off the undisclosed number of workers, according to the Verge.
Furthermore, Tesla has only revealed one teaser image of the latest Model Y. As of today, it is just a simple black-and-white silhouette. But the company has already been talking about the latest model for years. Back in 2015, Elon Musk tweeted the name Model Y and quickly deleted it.
In line, Elon Musk also went back and forth either that compact SUV would be built on a similar platform as the Model 3 before they have decided to share the technology. The shared technology of Model Y and 3 is an initiative to bring the latest model to the market on time. The CEO added that he already signed the final design late last year.
