Last year, Elon Musk jovially tweeted that we can expect the Tesla Model Y in mid-March. Tesla struggled to churn out Model 3 vehicles as quickly as Musk promised investors, especially in the two quarters following the Model 3's production-line announcement.
In terms of performance, the flagship Model Y boasts a range of 280 miles (450 km), a top speed of 150 mph (241 km/h) and a 0-60 mph time of 3.5 seconds.
Elon Musk's company is promising to price the Model Y for mass-market sales, starting at $39,000 (rising to $60,000 for a "Performance" model).
In October, Musk said "significant progress" had been made on the Model Y and that he had approved the prototype for production in 2020.
Tesla is now going through hard times, with Musk charged by the SEC with contempt for tweeting "inaccurate and material" information about the company.
There had been statements put out by third parties that Tesla hadn't contacted them to start ordering parts for the Model Y yet, which was held up by some as proof that Tesla was rushing this announcement. The slowest Model Y, the Standard, will hit 60 in 5.9 seconds and have a top speed of 120 miles per hour, while Performance buyers can expect to be able to achieve 150 miles per hour.
Tesla officially unveils the Model Y
Musk revealed very few details about the upcoming auto, but some 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. With a drag coefficient of just 0.23, the Model Y is also the most aerodynamic crossover on the market. It should share most of its component with the $35,000 Model 3 upon its release and come in around $40,000. Its battery would have the capacity to last for 230 miles.
Each of Tesla's vehicles, from the Roadster to the latest Semi, were driven onstage before the blue Model Y appeared. Chinese cars are expected to be built in Tesla's Shanghai factory, which is still under construction and projected to be completed by the end of 2019.
"There is clearly a large market for the M3, and likely the Model Y, but this seems to fall short of more aggressive expectations given vehicle prices seem too high, in our opinion", Irwin said.
The company began the year with about $11 billion in debt and $3.7 billion in cash, but those figures presumably fell recently when it repaid about $920 million in bonds.
Based on the Model 3 platform, the Model Y is a cheaper, scaled-down version of the Tesla Model X SUV. So, it's a good idea to remember that if you happen to be one of the folks plunking down deposits for the first Model Y crossovers, it might be late showing up in your garage. Tesla also recently backtracked on a cost-cutting decision to close all its retail stores, now saying it'll close only around half of them, and announced it is raising vehicle prices by around three percent.
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