Tesla Inc. will reveal its Model Y electric SUV on March 14 at the LA Design Studio, according to CEO Elon Musk's social media announcement. The vehicle, positioned as an upgraded variant of the Model 3, will feature a 10% larger size and pricing approximately 10% higher than its sedan counterpart, with slightly reduced battery range for equivalent configurations, Musk stated in a tweet.
The Shanghai Gigafactory, located in eastern China, plans to produce both Model 3 and Model Y vehicles, with an annual manufacturing capacity of 250,000 units. This facility represents a key component of Tesla's global production strategy.
Tesla recently introduced a $35,000 variant of its Model 3 sedan and transitioned to online-only global sales, aiming to boost demand while reducing operational expenses. These moves align with the company's broader efforts to expand market accessibility and optimize production efficiency.
