Tesla Model Y starts at $47K in late 2020


In an event in Los Angeles, Tesla unveiled its upcoming Model Y electric crossover.

The Model Y will have a panoramic glass roof, much like that on the Model 3, and it will come with autopilot.

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. The 230-mile standard version will cost $37,000 and go into production in Spring 2021, according to Musk.

The vehicle also eschews keys, like the Model 3, and will connect to the driver's smartphone for entry and exit.

The Tesla Model 3 was rated as the safest auto by the USA authorities, and since the Model Y is built on the same schematic (they share 75% of the parts), it is expected to be one of the safest cars when it comes.

A lot is known about the Model Y thanks to the loose lips of CEO Elon Musk talking about it over the past three years. Musk gave no new details about where the Model Y would be produced at Thursday's event. By the time it comes out, Musk emphasized, the company aims to be "feature-complete" with Full Self-Driving, meaning the software will be in place allowing the vehicle to perform an expanded range of automated functions. Tesla trademarked the name "Model Y" in 2013, with Musk first describing this SUV in October 2015.

Another shot of the Model Y can be seen below. Still only in prototype form, that's the $200,000 sports vehicle that he claims will do 0-60mph in 1.9 seconds, 250mph flat out and beat any other hypercar's acceleration figures in between... and deliver a 620-mile range. I'm now of the belief that the majority of the parts that Tesla doesn't make themselves will be identical to what they are in the Model 3.

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Shares of Tesla are down 24 percent from a year high of $379.57 in August, when Musk tweeted that he was taking Tesla private. The company is accepting $2,500 deposits.

Tesla now has two sedans in its lineup - the high-end Model S and mid-priced Model 3 - plus a costly crossover, the Model X.

Tesla Model Y joins the company lineup that now consists of the Model 3, Model S and Model X in the passenger vehicle range along with the second generation Tesla Roadster and Tesla Semi.

Considering that the market is going nuts for crossovers, the Model Y is Tesla's smartest product-planning move so far.

It's important to Tesla's future that it eventually delivers the Y at volume.

This blindsided employees and investors alike, and Tesla backtracked 10 days later, saying in a blog post that more stores would remain open and that it will need to raise vehicle prices by about 3 percent on average worldwide.

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.