Tesla Inc. will unveil its new Model Y electric crossover SUV on March 14.
“Model Y unveil event on March 14 at LA Design Studio,” Chief Executive Elon Musk tweeted Sunday.
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
In subsequent tweets, Musk said: “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,” and added that “Detailed specs & pricing will be provided, as well as test rides in Y.”
Last month, Tesla TSLA, -7.84% said the Model Y will share about 75% of its components with the Model 3, and it expects Model Y production to scale up “significantly faster” than the Model 3. Tesla said that will help keep the Model Y’s price lower compared to rival SUVs.
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Tesla did not immediately comment Sunday when asked for more details about the Model Y.
Last week, Tesla announced its long-promised $35,000 Model 3 sedan, and said it was shifting all its sales to online-only, likely leading to a number of retail layoffs. Musk said the company was likely to post a loss for the quarter, but could return to slight profitability in the second quarter.
See: Elon Musk thinks layoffs will keep Tesla profitable as $35,000 Model 3 arrives
In a separate tweet Sunday, Musk said a new version of Tesla’s Supercharger station will be unveiled to the public this week.
First public Tesla V3.0 Supercharger Station goes live Wed 8pm
— Elon Musk (@elonmusk) March 3, 2019
Tesla shares are down more than 11% this year, and down about 12% over the past 12 months, compared to the S&P 500’s SPX, +0.69% gains of nearly 12% and 4.1%, respectively, over those spans.
