This article will take you 3 minute(s) to read
Back in 2003, Elon Musk and a group of engineers from Silicon Valley set out to prove to the world the advantages of electric cars. However, it took five good years to release their first model and since then, the company has become the poster child of electric cars.
With Tesla, Elon Musk aims to build the best in class electric car simultaneously paving the path for the autonomous vehicle and much more. Back in 2016, Tesla confirmed the development of Model Y, before releasing its first ever teaser in 2017, featuring a silhouette of SUV’s front fascia.
Recently, Tesla CEO Elon Musk confirmed the launch of its new Model Y SUV at an event in Los Angeles on March 14. This information came from the CEO itself through a tweet on Sunday.
Model Y – Tesla’s fifth car!
For the starters, the upcoming Tesla Model Y is a crossover SUV that is expected to share around 75% of its parts with Model 3, which is touted as Tesla’s most inexpensive car till date. The yet-to-be-launched electric car is Tesla’s fifth outing since its inception. The potential customers and reviewers will be given the opportunity to take the Model Y out for a drive at the event.
Tesla clipped of “Falcon Wing” for Model Y!
According to Elon Musk, the Model Y will be 10 per cent bigger, cost 10 per cent more and will have a lesser range than Model 3. Notably, the fifth car from Tesla’s stable won’t be featuring the “Falcon Wing” doors, unlike Model X.
Furthermore, he also announced about taking Tesla’s first v3.0 Supercharger station which can charge at a rate of 350kW live coming Wednesday as well. He also informed that more details on specification and pricing will be revealed directly at the event.
Mass production in 2020!
It’s worth mentioning here that the Model Y will be built at the company’s Gigafactory outside Reno, Nevada. As per the company claims, the electric car will enter mass production in 2020.
The launch announcement of Model Y comes three days after another big announcement, where Musk delivered on his promise that a variant of the Model 3 would be available to purchase from just $35,000. At present, there is no information about the launch of Model Y in Europe. On the other hand, the deliveries for Model 3 is expected to begin somewhere in second half of the first quarter of 2019, but many are doubtful regarding the timeline.
Online only strategy goes live!
In an attempt to make it financially viable, Tesla opts for online-only sales strategy worldwide. As a result, many retail stores around the world have been forced to close.
In this regard, for the first time in Tesla’s history, the company made a $139 million profit in the fourth quarter of 2018 with back-to-back profitable quarters in its 15-year history. Overall, the combined revenue for 2018 comes somewhere around $21.4 billion.
Stay tuned to Silicon Canals for more updates in the tech startup world.