Tesla Model Y: Elon Musk unveils long-awaited £30,000 electric SUV

Twitter  @Tesla

Tonight was a momentous occasion for Tesla as Elon Musk appeared to reveal another electric vehicle. Th seven seat model is optional of course thanks to 66 cubic feet or 1.9 cube meter of cabin space matched with a panoramic glass roof.

Just as Model 3, the Model Y will be offered in Standard Range and Long Range versions, with Dual Motor and Performance variants.

Due to its connection to the Model 3, the Model Y shares about 75% of its components with the auto.

As mentioned, the initial roadmap for Model Y will see the first iteration of the vehicle becoming available in 2020.

A crossover-SUV-SAC creation, the Y shares 75 per cent of its parts with the Model 3 - hence the similarity in design. "We are bringing back sexy, quite literally", Musk said to cheers from his fans, referencing the names of the Tesla lineup.

Earlier this month Tesla announced that it would be closing the majority of its brick and mortar stores worldwide in order to afford the $US35,000 price tag on the new Model 3, as well as keep the company "financially sustainable". He added that he believes the Model Y could account for up to 20% of Tesla's total sales within the next three years and could ultimately boost the company's financial performance. Speaking of the go-faster specification, acceleration and top speed are rated at 3.5 seconds and 150 miles per hour. And with all that already in place, the fourth model would have to be a Y just so altogether they'd spell out "SEXY".

Musk revealed very few details about the upcoming auto, but some key figures stuck out: the 300-mile, long-range version of the vehicle will go into production in Fall 2020 with an MSRP of $47,000. Investigations are underway over the recent death of a Model 3 owner in Florida who was using Tesla's Autopilot.

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Tesla's targeted volume production date of late 2020 for the Model Y would put it behind electric SUVs from Audi, Mercedes-Benz and BMW. Model Y, leveraging Model 3 technology, is a mid-size SUV that will start, according to Tesla, at $39,000 for the Standard Range version, and will also come in Long Range, Dual-Motor All-Wheel Drive, and Performance variants.

The Model X, so some would insist, is more like a smoothed-over minivan.

The cheaper version of the new vehicle starts with a battery that will last drivers for up to 230 miles.

The Y is meant to be the spiritual successor to the Model 3, which went into production in mid-2017.

Tesla Inc's Model Y electric sports utility vehicle is pictured in this undated handout photo released on March 14, 2019.

The Model Y can be ordered here and requires a $2,5000 deposit.

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.

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