Tesla will unveil its Model Y electric SUV on Thursday evening in California, promising a crossover that will compete with electric models made by European car makers.
Chief Executive Elon Musk has said the compact SUV, built on the same platform as the Model 3, which starts at $35,000, is about 10 percent bigger than the sedan, will cost about 10 percent more, and have slightly less range for the same battery.
The unveiling event is set starts at 8PM Pacific time at Tesla’s Design Center in Hawthorne. It will be live streamed on Tesla’s website.
It is expected to be quite a S3XY launch.
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Musk plans to unveil the cars at a small event at Tesla's design studio in Hawthorne, outside Los Angeles, and it will stream it online starting at 8 p.m. PT (11 p.m. ET). (www.tesla.com/modely)
Small SUVs are the fastest-growing segment in both the United States and China, the world’s largest auto market, where Tesla is building a factory, making the Model Y well positioned to tap demand.
Competition for electric SUVs is heating up. Tesla’s targeted volume production date of late 2020 would put it behind electric SUV offerings from Volkswagen AG’s Audi, Daimler AG’s Mercedes-Benz and BMW.
Musk has promised a easy production ramp of the Model Y, since it shares about three-quarters of its parts with the Model 3 and would need only half the capital expenditures of the sedan.