Tesla shares tumble after company unveils Model Y

on Mar16
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The new Tesla Model Y is introduced. Tesla has expanded its model range to include an SUV based on the current Model 3.

Hannes Breustedt | picture alliance | Getty Images

The new Tesla Model Y is introduced. Tesla has expanded its model range to include an SUV based on the current Model 3.

The Model Y will cost $39,000 to $60,000, depending on the extras, and is about 10 percent bigger than Tesla’s Model 3 midsize sedan. It features seven seats, a panoramic glass roof and 66 cubic feet of cargo space, Musk said, showing off a Model Y prototype at the Tesla Design Center on Thursday night.

Nelson said the car design was “more or less” what he expected.

“The problem was the timing of first deliveries,” Nelson said. “At the Tesla shareholder meeting last June, Musk said that first Model Y deliveries were likely in the first half of 2020, now he’s saying fall 2020 for higher-priced versions and spring 2021 for the $39,000 version.”

Competition is really heating up against Tesla, with companies from Ford to Ferrari planning to introduce their own all-electric lineups in the coming years.



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