Tesla announced that its new Model Y crossover SUV will be unveiled at the company’s design studio in Los Angeles on March 14th. Tesla CEO Elon Musk made the announcement on Sunday. Founded in 2003, Model Y will be the fifth car of the company.
Elon Musk announced that the Model Y will be having 75 percent similar parts used in the Model 3 which is the most budgeted car of Tesla. The new electric car will be 10% larger, will cost 10% more than the Model 3 and it will have a marginal small range than the Model 3. The Model Y will not be having the Falcon Wing doors that are found in the Model X which is the bigger SUV, further details and prices will be revealed on March 14th at the launch event.
The big announcement came just three days after the company announced the cheapest Model 3 which costs at $35,000 and that the company has moved to online sales only and closing many of its stores which will be leading to laying off a large number of employees.