Tesla unveils its Model Y SUV

Tesla unveils its Model Y SUV

But now that Tesla has shown some stability in Model 3 production numbers, the Model Y will give the company a new challenge.

While the Model 3 has largely been a sales success for the company, it's also a sedan and that segment hasn't been doing particularly well over the past few years with consumers opting for SUVs at an increasing rate. Those who follow Tesla may have been mildly surprised by this, as the solar roof in particular got a lot of attention a few years ago, but has been nearly completely overlooked lately.

The Model Y is expected to be the most popular vehicle that Tesla has produced yet. Tesla has not announced when or if it will be taking deposits on pre-orders, as it has for past vehicles.

At its launch event today, Tesla unveiled its highly anticipated Model Y compact SUV, with plans to bring it to market by next fall.

Front Shot of Model Y. Its exteriors boast of a similar fascia as seen on the Model 3.

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Tesla is teasing the Model Y with an image of its blacked out silhouette to promote Thursday's reveal.

"With the same sleek, minimalist dashboard of the Model 3 that does away with the business of instrument clusters so prevalent in traditional vehicles, replaced with the quintessential 15" tablet display, it retains the cool futuristic edge that Tesla has over its competitors. The Y will be smaller than the X, and only 10 percent bigger than the Model 3, with a hatchback instead of a sloping backside.

Musk revealed very few details about the upcoming auto, but a few key figures stuck out: the 300-mile, long-range version of the vehicle will go into production in Fall 2020 with an MSRP of $47,000. The latter will be capable of 0-60mph in 3.5 seconds, have a 150mph top speed and 280 miles of range, and will cost $60,000 around (£45,000).

At tonight's live stream he reconfirmed this expectation: "I think we will sell more Model Y's than S, X and 3 combined", Musk said. Two weeks later it made a decision to keep more stores open than anticipated (and bump up prices), as well as announce the new V3 Supercharger. The history of Tesla and its various problems led us to this point, where Musk expects that Tesla can confidently deliver on its production goals exactly as expected.

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