Elon Musk says Tesla to unveil Model Y electric SUV next week

Elon Musk’s electric car company Tesla is taking another big step next week, with news that its new all-electric SUV will be unveiled at its Los Angeles Design studio.

The news of the imminent unveiling of the Model Y comes hot on the heels of the base Model 3 release, and price cuts for the Model S and Model X versions,. The Model Y also completes Musk’s promised acronym for the company’s first four models: S3XY.

As is Musk’s modus operandi, the announcement was made via social media channel Twitter this morning (Australian time):

He followed this up with the news that the Model Y will be cost approximately 10 per cent more than its cousin, the Model 3 – meaning it could start as low as $US36,500 ($A51,535 at today’s rates, plus shipping, GST and other add ons) for a standard range, base version.

It will also have exactly the same battery as the Model 3 – using 2170 cells produced at its Gigafactory – but about 10 per cent less range due to a heavier body.

Those attending the reveal will also possibly have a chance to take a test ride in the highly anticipated Model Y.

Musk commented in the Q4 2018 earning call that tooling for the Model Y was underway and would be a much easier task than switching from the Model S to the Model X, because the Model Y shares 3/4 of its architecture with the Model 3.

Musk also commented during that call that he thinks the Model Y could be even more popular than it’s best-selling Model 3 sedan that has upturned the American auto market and may be about to do the same in Europe and China, having been introduced onto those markets in recent weeks.

“I expect the demand for the Model Y will be maybe 50% higher than the Model 3,” Musk said.

“It could be even double. The mid-size SUV segment is worldwide the most popular type of vehicle, so we will probably see higher volume of Y than 3.”