Tesla (TSLA - Get Report) unveils its Model Y prototype, an all-electric mid-sized crossover SUV, at the company's design center in Hawthorne, California Thursday, March 14. The Model Y is about 10 percent bigger than the Model 3 and features a panoramic glass roof, a 15-inch touchscreen display, about 65 cubic feet of cargo, and seats up to 7 passengers.
It also reaches a top speed of 150 mph and covers up to 300 miles on a single charge.
The company plans to produce four different versions of the new SUV
- A standard-range Model Y
- Long-range Model Y
- Dual-motor all-wheel drive Model Y
- A performance Model Y
The new SUV will cost from $39,000 to $60,000 depending on the configuration.
Tesla's long-range Model Y will be rolled out first, will cost around $47,000, and is expected to be available in Fall 2020.
Elon Musk said at the event, "We expect it will be the safest mid-size SUV in the world by far."
He also told the crowd that he expects the Model Y to sell more units than the Model 3 and Model X combined.
Tesla previously said it would most likely manufacture the Model Y at Gigafactory 1, but many questions still remain unanswered, including if it will, in fact, be manufactured there and how fast Tesla will scale production to meet demand.