Tesla, Inc. (NASDAQ: TSLA)
Tesla will unveil its latest vehicle, the Model Y, on March 14th according to a Sunday tweet by Chief Executive Elon Musk. The automaker will host the event at its Los Angeles design studio, adjacent to Musk-led aerospace company SpaceX. “Model Y unveil event on March 14 at LA Design Studio,” Musk tweeted.
Model Y will be Tesla’s second SUV and the fifth vehicle since the company was founded 16 years ago. It will be built on the same platform as the Model 3 sedan – Tesla’s most recent vehicle. Musk has previously said that he expects Model Y to transform the production process of his electric-car company.
“Model Y, being an SUV, is about 10% bigger than Model 3, so will cost about 10% more & have slightly less range for same battery,” Musk tweeted. “Detailed specs & pricing will be provided, as well as test rides in Y.”
Earlier this year, Tesla said that Model Y would be cheaper to produce since it shares 75% of its components with the Model 3. The crossover SUV is expected to feature regular doors, instead of the complex “falcon wing” doors that feature on the Model X. The company expects to hit volume production of Model Y next year.
The vehicle will be produced at Tesla’s Gigafactory 1 in Reno, Nevada and later in Shanghai, China where the company is building a factory. Model Y is expected to attract higher demand than Model 3.
The announcement comes only a few days after a federal judge overseeing Musk’s agreement with the U.S. Securities and Exchange Commission gave the celebrity billionaire two weeks to prove that he did not violate terms of an October 2018 settlement after he tweeted about auto production on Feb 19.
Tesla shares were marked $3.76, or 1.28% as of 8:40 a.m. in New York on Monday and changing hands at $298.55 each. The stock closed the regular session on Friday at $294.79 a share.
Tesla, Inc. Profile
Tesla, Inc. engages in the design, development, manufacture, and sale of fully electric vehicles, energy generation and storage systems. It also provides vehicle service centers, supercharger station, and self-driving capability. The company operates through Automotive, and Energy Generation and Storage segments. The Automotive segment includes the design, development, manufacture and sale of electric vehicles.
The Energy Generation and Storage segment includes the design, manufacture, installation, sale, and lease of stationary energy storage products and solar energy systems, and sale of electricity generated by its solar energy systems to customers. The company was founded by Jeffrey B. Straubel, Elon Reeve Musk, Martin Eberhard, and Marc Tarpenning on July 1, 2003 and is headquartered in Palo Alto, CA. – CNN Money