Tesla will finally unveil its Model Y crossover later this month, more than three years after CEO Elon Musk first teased the upcoming design.
Musk announced on Twitter that the Model Y will make its debut in Los Angeles on March 14.
The news comes just days after Tesla took the wraps off its cheapest vehicle yet, the long-awaited $35,000 Model 3, and slashed prices of its luxury models.
Tesla will churn out Model 3 and Model Y vehicles at its Shanghai Gigafactory, based in eastern China, which is aiming for an annual capacity of 250,000.
TESLA’S CHEAPEST MODEL 3 VEHICLE YET
Tesla has finally launched the $35,000 Model 3.
Range: 220 miles
Top Speed: 130 mph
Acceleration: 0-60 in 5.6 sec
Tesla is also offering the $37,000 Model 3 Standard Range Plus, which boasts:
Range: 240 miles
Top Speed: 140 mph
Acceleration: 0-60 in 5.3 sec
‘Model Y unveil event on March 14 at LA Design Studio,’ Musk tweeted Sunday evening.
‘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,’ the Tesla boss added.
‘Detailed specs & pricing will be provided, as well as test rides in Y.’
Last week, Tesla released its $35,000 base Model 63 – a price goal it’s been working to hit since its 2016 reveal.
To test drive, potential buyers can rent it and return it after seven days or after driving 1,000 miles.
The electric car-maker also heavily discounted two of its high-end vehicles, the Model S sedan and the Model X crossover SUV.
The electric car maker now sells long-range versions of the Model S for $83,000, down from $96,000, and the Model X for $88,000, also down from $96,000.
In effort to keep costs low, the firm now says it will be shuttering many of its US brick-and-mortar locations. Instead, all orders will be taken online.
‘Shifting all sales online, combined with other ongoing cost efficiencies, will enable us to lower all vehicle prices by about 6% on average, allowing us to achieve the $35,000 Model 3 price point earlier than we expected,’ Tesla said.
‘Over the next few months, we will be winding down many of our stores, with a small number of stores in high-traffic locations remaining as galleries, showcases and Tesla information centers.’
The Model 3 announcement last week followed a series of cryptic tweets from CEO Elon Musk this week, along with unusual changes to his profile, including a brief tweak to his display name in which he became Elon Tusk, and a short-lived cameo from an alien emoji.