Tesla reveals Model Y, price starts at $39,000

Tesla Model Y images

Tesla Inc revealed its Model Y electric sports utility vehicle on Thursday in California, promising a much-awaited crossover that will see competition from European automakers.

CEO Elon Musk stated the compact SUV, built on the same design as the Model 3, would first debut in a long-range version with a range of 300 miles (482 km) costing at $47,000.

A standard version, to be available sometime in 2021, is going to cost $39,000, with a 230-mile range. The vehicles can be configured to include 7 seats for an extra $3,000.

Following the event, Tesla’s website included a page to “design and order” the more costly, long-range version of the vehicle having rear-wheel drive, available next year. Ordering the car needs a $2,500 refundable deposit.

Musk revealed the vehicle at a short 40-minute event at Tesla’s design studio located in Hawthorne, outside Los Angeles, which was live streamed online.

Each of Tesla’s vehicles, from the Roadster to the recent Semi, were driven onstage prior the appearance of the blue Model Y.

Small SUVs are the fastest-growing segment in the United States and China, the largest auto market in the world, where Tesla is constructing a factory, making the Model Y well positioned to tap demand.

Tesla has enjoyed little rivalry thus far for its sedans, but rivalry for electric SUVs is heating up as Tesla tries to master a new set of economics from the luxury line that built its reputation.

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