Elon Musk announced on Twitter Sunday that Tesla would unveil its long-awaited Model Y on March 14. The event will take place at the company’s L.A. design studio.
According to Musk’s tweets, the Model Y is about 10% bigger than Tesla’s Model 3 but has slightly less battery range. In a January letter to Tesla shareholders, Musk said the Model Y would be cheaper to make because it shares 75% of its components with the Model 3. He also said high volume production of the car would begin at the end of 2020.
Musk first teased the Model Y in a 2015 tweet, which was quickly deleted. The Model Y will split the difference between the Model 3 and Tesla’s larger SUV, the Model X, giving the company a foothold in the crossover SUV business, which has proved lucrative throughout the industry.
Musk’s announcement of the Model Y unveiling comes amid increased scrutiny of his activity on Twitter from the Securities and Exchange Commission after he tweeted in February that Tesla would make 500,000 cars this year. That was at odds with the January shareholder letter, which said Tesla would produce 360,000 to 400,000 cars this year. According to the SEC, the tweet violated a settlement reached with Musk after he falsely claimed to have secured a deal to take Tesla private.
You may not be able to buy a Model Y yet, but you could ride in one: Musk said the March 14 launch would include test rides.
