The Tesla Model Y Is OFFICIAL - VIDEO + INFO Posted HERE!

Elon Musk views the new Tesla Model Y at its unveiling

Tesla intends to keep the juice flowing with the addition of the Model Y, a small crossover SUV releated to the Model 3 and capable of fitting three rows of seats.

The Tesla boss had previously described the Model Y as part of a plan to reach a wider audience, following on from the Model 3 - the cheapest auto in its range, which was launched in 2017.

The Model Y seats seven and has a panoramic glass roof and a 15-inch (38-centimeter) touchscreen interface for accessing all the car's controls. Spending a few grand more can get you the Long Range model with rear-wheel drive in late 2020; that will set you back $42,700 without optional extras but you get 300 miles between charges and a 0-60 time of 5.5 seconds. And as you can see by the vehicle's styling, it looks like a Model 3 from almost every angle, only with a taller greenhouse and a hatchback instead of a trunk.

The design of Model Y resembles a lot to Model 3 - something which CEO Elon Musk had already warned before. Musk has said that cars fitted with Autopilot hardware will be able to drive themselves completely autonomously in the future.

Tesla is now going through hard times, with Musk charged by the SEC with contempt for tweeting "inaccurate and material" information about the company. Standard Range model acceleration is 5.9s for the 0-60, plus a top speed of 120 miles per hour.

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There are four variants in the Model Y lineup.

The Model Y is priced at $39k, for the standard range variant, and goes up to $75k for the 7-seater AWD Performance variant with Full Self-Driving capability.

Musk announced that pre-orders for the vehicle are open right now. Then, when Elon Musk said he expects the Model Y to outsell the S, X and 3 combined, it had many of us returning to a thought we've had before. With 75% parts shared in common with the Model 3, the Model Y should be much easier to make efficiently and affordably than its more adventurous predecessors. As is often the way with Teslas, it'll be little while before we get the Y in the United Kingdom, but who would bet against there being a glut of orders as soon as they are?

Tesla's usual approach is to build the more expensive versions of its vehicles, the ones with higher profit margins, first, as it scales up production. Technically speaking, the Model 3-based machine might be better classified as a crossover, and that's a very big deal since crossovers and SUVs are figuratively and literally killing saloons not just in North America, but around the world. "This timing likely implies the company is postponing the costly Model Y ramp in 2019 to conserve cash", Munster wrote in a note.

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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