March 4 (UPI) -- Tesla will unveil the Model Y sport-utility vehicle on March 14 at the company's Los Angeles Design Studio, founder Elon Musk said.
The Model Y will be a cheaper, scaled down version of the Model X, the same way the Model 3 is a smaller, cheaper version of the Model S. Musk said it will cost about 10 percent more than the Model 3 because it's about 10 percent larger. The price of the Model 3 varies but the company just announced it would begin producing the long-promised $35,000 version. The Model Y will use the same battery as the Model 3 but will get less range because of the added weight and size, Musk tweeted.
The Model Y will be the company's first new product announcement since the Tesla semi-truck and Roadster 2 were unveiled 17 months ago.
If that wasn't enough, Musk also tweeted about another future vehicle.
"Personally, I'm most excited by the Tesla Truck," he said. "Maybe it will be too futuristic for most people, but I love it."
In an earnings call last month, Musk described the Model Y as a "manufacturing revolution." About 75 percent of the Model Y's parts will be borrowed from the Model 3.
It's not all good news for Musk, though, as the Securities and Exchange Commission has accused him of violating a settlement by tweeting car production numbers this month.
Model Y, being an SUV, is about 10% bigger than Model 3, so will cost about 10% more & have slightly less range for same battery- Elon Musk (@elonmusk) March 3, 2019