Tesla expects the electric SUV to become its best-selling vehicle. Car buyers in the United States are increasingly choosing SUVs over sedans.
Tesla ( TSLA ) already makes the Model X SUV, a luxury model that is often priced at more than $ 100,000. It represented only 15% of Tesla's sales in the fourth quarter, but it outperformed sales of Model S, it's luxury sedan.
Model Y is expected to be priced for the mass market. But getting to the affordable price can take time. Tesla has just started taking orders for the long-promised $ 35,000 version of Model 3, almost three years after it was unveiled.
One of the reasons why electric vehicles have not taken off is because most of them have been available only in sedan models, said Michelle Krebs, senior analyst for AutoTrader. Electric cars represent just over 1% of new car sales in the United States.
"It hasn't really been a body style that people buy," she said. "The only one out there is now model X. But that won't be the case for too long."
CEO Elon Musk clearly counts on great things for model Y.
"The demand for model Y will be perhaps 50% higher than model 3 – may be even double," said Musk to investors at a conference call in January when he announced that model Y would go into production next year.
If the characters are correct, the model Y will have a chance of becoming the best-selling SUV of any kind – gas or electric – in the United States, a title currently held by Toyota Rav 4.
Model Y Reveal can't come soon enough to Tesla, as
SEC asked that musk was charged contempt.
Tesla chief finance director and chief lawyer left the company
Consumer Reports removed his "recommended" rating from Model 3
Tesla closed most of his stores just to backtrack on these plans two weeks later
Musk warned investors Tesla would lose money in the first quarter
Tesla's second largest shareholder suggested it could be better without Musk as CEO
Tesla repaid $ 920 million in debt with cash instead of stock, renewal of the cash crisis fear
Tesla's holding is down 10% since February 5.
It can use the excitement of the model Y disclosure to change the conversation and reverse its fortunes – and the direction of the stock. 19659022]
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