Economy

Elon Musk Unveils New Tesla Model Y Vehicle Coming in 2020

Elon Musk Unveils New Tesla Model Y Vehicle Coming in 2020

Tesla's Model Y has some important specs, including a range of up to 300 miles on a single charge and it easily sits seven people. Model Y, leveraging Model 3 technology, is a mid-size SUV that will start, according to Tesla, at $39,000 for the Standard Range version, and will also come in Long Range, Dual-Motor All-Wheel Drive, and Performance variants. Well, Tesla just launched the Model-Y, another SUV that aiming to satisfy users that fall into Musk's demographic i.e. middle-aged men with children.

"Twelve months from now we will have made about 1 million vehicles", Musk said at the event, without specifying the breakdown of models. That's actually lower than the Model S' 0.24, and matches the Model 3 on which the new crossover is based. It will start at 39,000 US dollars for the standard range version, which the company said can go 230 miles (370 kilometers) on a single charge.

The Model 3 starts at 5.6s for the Standard Range.

Unlike Tesla's first SUV, the Model X, the Y is smaller and doesn't get the controversial falcon wing doors, keeping construction simpler and costs down.

Model Y
Teased image of Model Y from Tesla

Tesla has enjoyed little competition thus far for its sedans, but competition for electric SUVs is heating up as Tesla tries to master a new set of economics from the luxury line that made its reputation. For many, the event was underwhelming for one primary reason - many felt they had seen this exact unveiling before with the Model 3 sedan. There are only so many buyers who can fork over $145,000 or so for a nicely loaded Model X. There are hundreds of thousands of buyers who can order a crossover that costs $40,200.

The Tesla Model Y was finally brought on the stage, and it was just like a slightly larger Model 3, in terms of design. The SUV comes in a variety of versions, depending on the customer's choice of battery range and other features, like all-wheel drive. The $60,000 Performance model will be the most expensive variant, with a 280-mile range and a 150 miles per hour top speed. The usable range will be around 300 miles. Tesla's tax credit dropped to $3,750 on January 1, will drop to $1,875 on July 1 of this year, and will go away entirely as of January 1, 2020. Even with the reduced range, Tesla is predicting demand to be perhaps 50 percent higher for the Model Y than the Model 3 owing to the former's crossover body style. However, it will be slower and shorter in battery range than the other high-end versions of Model Y.

Musk said the Model Y's design was partly based on its Model 3 and so the vehicles would share many parts, making it easier to produce. So while the Tesla Model 3 is already the best-selling electric vehicle and best-selling premium auto, it wasn't about to make a dent in sales of the Toyota RAV4 or Honda CR-V. Mars", Musk said. "We will be driving a Tesla on mars.

Ramsey, though, remains skeptical about whether the company will have adequate manufacturing capacity for the Model Y. He expects the Model Y's journey to the mass market to provide another wild ride for the company, its investors and customers.

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