Tesla Confirms March 14 Unveiling for Model Y Crossover in Los Angeles
Tesla officially announces a March 14 event in Los Angeles to reveal its highly anticipated Model Y crossover vehicle. The company plans to begin high-volume production by the end of 2020 with significantly lower manufacturing costs.
Tesla officially reveals its upcoming Model Y crossover vehicle at an event in Los Angeles on March 14. This marks the fifth new car design from the automaker since its founding in 2003. Chief executive Elon Musk shares the announcement on Twitter, putting an end to years of teasing that date back to 2015.
The company plans to begin high-volume production of the Model Y by the end of 2020 at its Gigafactory in Nevada. Manufacturing costs for this new line are substantially lower than those for the Model 3 because the vehicles share roughly 75% of the same components. This component sharing represents a major strategic shift to improve profitability.
This Model Y reveal arrives alongside sweeping changes at Tesla, including a shift to online-only sales and the closure of many physical stores. These cost-cutting measures enable the company to offer the $35,000 Model 3 and aim for sustainably positive business results. Meanwhile, the Roadster and Tesla Semi remain in development as future additions to the lineup.