Tesla unveils Model Y

Tesla Reveals Model Y ‘Baby SUV’ Tonight: How To Watch Live

Tesla CEO Elon Musk unveiled the long-awaited Model Y at a private event on Thursday night.

Model Y is Tesla's second SUV, which comes after the Model X. The SUV, based on the Model 3 platform, will have a range of 300 miles per charge and offer up to 7 seats.

It's fair to say the automaker is up against an entirely different set of hurdles than it was on March 31, 2016.

The Performance raises the price even further to $60,000 with the same 280-mile range.

Tesla has yet to confirm where the Model Y will be produced, with latest reports suggesting it could be built at the company's Gigafactory facility in Reno, Nevada.

Three years later, affordable long-range electric vehicles no longer have such a pent-up demand.

However, Musk spoke optimistically of Tesla's autonomous driving software which will also be available on the Model Y. It will share 75 percent of its components with the Model 3.

The Model Y will have numerous same features as the Model 3 but will be about 10% bigger. And with Tesla being Tesla, an all-wheel drive dual-motor version will be available for $51,000 while a performance version will be available for $60,000.

Tesla Reveals Model Y ‘Baby SUV’ Tonight: How To Watch Live

The Long Range Model will have 300-miles of range.

There is a cheaper Standard Range model that's slated for 2021.

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 spartan interior doesn't include much more than a 15-inch touchscreen where most of the car's controls are located. Despite that, the Model 3 sedan was the best-selling luxury vehicle of any type in the U.S. a year ago, so expectations are high for the Y. The Y will seat seven people with 66 cubic feet of storage space.

Earlier this month Tesla announced that it would be closing the majority of its brick and mortar stores worldwide in order to afford the $US35,000 price tag on the new Model 3, as well as keep the company "financially sustainable".

The standard model will have a range of 230 miles per charge. The Standard model of the Model Y will offer the lower number. All it requires is a $2,500 deposit. Musk ushered in the entire range of Tesla vehicles by way of introduction, before giving an update on factories, supercharger stations, solar panels and more. Elon Musk has claimed all Teslas may be able to fully drive themselves by the end of this year, and do so while you nap by the end of 2020.

In running the opposite direction from Model X's Fabergé Egg uniqueness and ambition, the Model Y has for the first time put Tesla in the position of facing criticism of a poorly-differentiated design.

Given the popularity of SUVs in the USA, the Model Y is likely to be even better-received than the Model 3-if it can skip to a drama-free production ramp-up as well as it skips the Model 3 hype.

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