Musk unveils Tesla Model Y - the cut price electric SUV

Tesla Unveils Its Electric SUV Crossover Vehicle the Tesla Model Y

"Inside the vehicle, the Model Y is all Model 3, with the dashboard being dominated by the same 15" touchscreen, which controls the majority of the vehicle's functions.

As we long expected, the Tesla Model Y's front fascia is strikingly similar to the Model 3, it's four-door sedan sibling. It wasn't until last month that Tesla announced it would take orders for the $35,000 version, which has a shorter range. The CEO also said that the Model Y should be coming off production lines in 2019. The SUV will join the Model 3, Model S, and Model X in Tesla's range of consumer passenger vehicles as well as the impending second-generation Tesla Roadster and Tesla Semi.

Musk at the event tonight, admiring the new Model Y. As the name implies, this variant will focus on maximizing range and be able to cover 300 miles (482 km) on a single charge.

With that big of trivia out of the way, the Model Y is expected to be largely based on the Model 3.

Shares of Tesla are down 24 percent from an August high of $379.57, when Musk tweeted that he was taking Tesla private. Tesla two weeks ago said it would close most stores and use savings to cut the price of most cars by 6 percent.

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"It has the functionality of an SUV but will ride like a sports vehicle", Musk boasted during Thursday's presentation. But once you start stacking features into the vehicle, it starts bleeding into the range of Audi's E-Tron and Jaguar's I-Pace.

Data from J.D. Powers, the consumer insights firm, shows SUVs are very popular right now, making up 49 percent of USA auto sales. Maybe the addition of a more affordable SUV can make Tesla more popular outside of the Golden State.

Musk previously said he was planning to build the vehicle at the Nevada Gigafactory, not the Fremont, Calif., plant where the Model 3 was assembled. That SUV demand is hot.

Based on the success of the Model 3 and the growing popularity of SUVs (which held over 40 per cent of the Australian market at 2018's end according to industry expert V-Facts), it is thought that the Tesla Model Y could sell as many as double that of the Model 3.

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