While the Tesla Model 3 is selling record numbers, the Tesla Model Y Cross-over small SUV is much closer to what the market demands these days.
The vehicle was currently being tested in the wild and was set to mass production in Fall 2020.
Today in their earnings release however Tesla revealed that the company’s development of the car is ahead of schedule and that Tesla “now expect to launch by summer 2020.”
Tesla Q3 results:
– Shanghai Giga ahead of schedule
– Model Y ahead of schedule
– Solar installs +48% from Q2
– GAAP profitable
– Positive free cash flow
— Elon Musk (@elonmusk) October 23, 2019
Tesla attributes the improvement due to lessons learned from building the Shanghai GigaFactory 3 in record time and say that it will cost 50% cheaper to develop the capacity to build Model Y cars at their Fremont factory than Model 3 cars. This should help keep the company profitable while they ramp up.
The Tesla Model Y will feature an optional 7 seats and a 300-mile range and should hit production in Fall 2020.
The car has been spotted in Black, White and Midnight Silver, and Bright Red.
The Model Y is expected to be a popular car, and shared 70% of its parts with the model 3, but is expected to benefit from a number of advanced manufacturing technologies which should allow Tesla to address the mass market on the way to their million-car per year target.