This Sunday, Elon Musk was planning to surprise his friends and fans on Twitter by revealing more news about the latest Tesla vehicle, the Model Y crossover.
The car will be revealed at LA Design Studio on 14 March during an event, Elon Musk adding the following details:
“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.”
“Detailed specs & pricing will be provided, as well as test rides in Y.”
Model Y – The Reveal Is Too Early
The Model Y is the fifth vehicle created by Tesla and the second SUV after the Model X. The vehicle will also come with normal doors, and not Falcon Wing doors which were used on the Model X.
However, according to Joseph Spak, RBC Capital Markets analyst, this early unveil is not a good strategy, even if Model Y will be an in-demand product:
“[…] We view the timing of the announcement as more fodder for the bears vs being a positive catalyst for the stock. We had thought the company would unveil the vehicle closer to start of production to avoid likely cannibalization. Now, that risk seems greater.”
According to Ben Kallo, Baird analyst, the car should be available to customers a lot later, and not earlier than 18 months. But the sales could get higher if a new SUV/CUV vehicle with a competitive price appears.
Last week, Tesla announced the Model 3 with standard range battery for US$35,000, also shifting from the flashy store sales to the more cheaper online sales for a lower price on the vehicles.
The production of the Model Y could be in Nevada, at the Tesla factory that makes batteries and powertrains, reports Financial Post.
Maria Concepción is a reporter for Billionaire365. After graduating from Dalhousie University as an English major, Maria got an internship at CHEX and worked on profiling local businesses. Maria was also was a columnist for the Huff Post Canada. She mostly covers business and community events.