Elon Musk, in a series of tweets, revealed that the Tesla Model Y SUV will debut on March 14th. The Unveil will happen at the Tesla Design Studio in Hawthorne, California. The Model Y will share about 75% of its components with the Model 3, the most affordable car in Tesla’s Portfolio. Model Y is the fifth car since Tesla was founded in 2003.

Component sharing will enable Tesla to cut down development costs and enable Model Y to see the light of the day soon. For the same reason, it is safe to say that Model Y will be similar in dimensions to Model 3, albeit a little taller.

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Musk also revealed that Model Y will cost roughly 10% more than Model 3. As of now, Model 3 costs about USD 35K. That roughly translates to about INR 24.7 Lakhs(as per today’s currency exchange rate). Going by Musk’s words, the Model Y will cost in the range of USD 38 – 40K.

Also, Musk said that the Model Y will have roughly about 10% less range. Its because Model Y uses the same battery as the Model 3 but being an SUV, is bigger than Model 3. The Model Y will be manufactured in Tesla’s Gigafactory outside Reno, Nevada. Tesla also has plans to produce the Model Y in an upcoming Gigafactory in Shangai, China. Though the SUV will be unveiled in March, production is slated to happen in the 2nd half of 2020.

Tesla has been making other string of announcements in the past week. It announced that Model 3 will be available to order online and retail sales of vehicles would be ceased. This will enable Tesla to cut costs down. Musk also announced their first v3.0 Supercharger station will go live on March 6th. The new supercharger will be able to charge Tesla cars at the rate of 350 kW.

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