Tesla says the Model Y is coming in 2020

Tech News

The Tesla Model Y — the SUV electric vehicle that CEO Elon Musk has been teasing and talking about since 2015 — will begin volume production by the end of 2020, the company said Wednesday in a letter to shareholders.

The automaker, which has yet to show a prototype of the vehicle, said it will begin tooling for the Model Y this year. And unlike Tesla’s other electric vehicles, the Model Y will most likely be produced at the company’s massive “gigafactory” in Nevada, Musk said during an earnings call.

Musk struck a bullish tone for the Model Y, predicting sales volume for the vehicle will be higher than its new Model 3.

Tesla also forecast that the cost of the Model Y production line should be substantially lower than the Model 3 line in Fremont, California because it will be built on the same platform and share about 75 percent of its components with Model 3.

The production ramp for the Model Y should also be faster, the company predicted.

Producing the Model Y at the gigafactory should reduce the company’s risk of execution as well as the cost of transferring parts from Nevada to California, where the Model 3 is assembled, Musk said.

“This year should be a truly exciting one for Tesla,” the company said in the shareholder letter. “Model 3 will become a global product, the profitability of our business should become sustainably positive, our new Gigafactory Shanghai should start producing cars, and we will start tooling for Model Y production.”

Products You May Like

Articles You May Like

Facebook launches Avatars, its Bitmoji competitor, in India
Tesla is taking reservations for its Cybertruck in China
Remote access at risk: Pandemic pulls more cyber‑crooks into the brute‑forcing game
Malware Incidents Fall Amid Overall Rise in Security Events Last Year
Police roll up crime networks in Europe after infiltrating popular encrypted chat app

Leave a Reply

Your email address will not be published. Required fields are marked *