Elon Musk Unveils Tesla's Model Y Compact SUV

Now that the Model 3 has reached its promised $35,000 price point, Tesla is turning its marketing attention to what comes next. Yesterday, Elon Musk officially unveiled the next vehicle to join the Tesla range in the form of the Model Y.

As The Verge reports, the Model Y is a compact SUV which Musk describes as roomier than a Model 3 while being less imposing than a Model X. It's expected to achieve a five-star crash test rating and will eventually be offered as four model options: Standard Range, Long Range, Dual Motor AWD, and Performance. Inside looks very similar to the Model 3 while offering 66 cubic feet of storage space.

The Standard Range model will be the cheapest at $39,000 and offers a range of 230 miles, 120mph top speed, and a 0-60mph time of 5.9 seconds. However, it won't be available until Spring 2021. The other three models are all expected to launch in Fall 2020, though.

The Long Range model is the next cheapest coming in at $47,000. It offers a 300 mile range, 130mph top speed, and 5.5 second 0-60 time. The Dual Motor AWD model will cost $51,000, has a range of 280 miles, top speed of 135mph, and 4.8 second 0-60 time. Finally, there's the Performance model which will cost $60,000. It boasts a range of 280 miles, a top speed of 150mph, and a 0-60 time of just 3.5 seconds.

With up to seven seats and a battery placed very low in the chassis to allow for an SUV that feels quite sporty, the Model Y could prove very popular. As with previous Tesla launches, though, getting one may prove difficult initially depending on how quickly the manufacturing lines can ramp up. We have to assume Tesla learned a lot from the Model 3 launch.