The Model Y will be unveiled today at a live-streamed event scheduled for 8pm Pacific Daylight Time (2pm Australian Eastern Daylight Time) at the company's design studios in Los Angeles.
Tesla will be live streaming the entire launch event live from its website.More news: Rosario Dawson confirms relationship with Cory Booker
The Model Y is based on the smallest vehicle in Tesla's range, the $35,000 Model 3, which Mr Musk hopes will bring electric motoring to the mass market.
"Model Y, being an SUV, is about 10 per cent bigger than Model 3, so will cost about 10 per cent more & have slightly less range for same battery", he said.
Tesla says that the Model Y will be about 10 percent larger than the Model 3 as well, and we'll guestimate around a 10 percent hit to efficiency. Tesla will announce the Model Y's features plus pricing, as well as offering test drives for those in attendance.More news: Johnny Depp accuses ex-wife Amber Heard of abuse, chopping his finger
Analysts said that with the Model Y, Tesla look to dig its claws into the profitable compact SUV segment, which grew by 12.6 percent to 3.5 million SUVs sold in 2018.
Tesla has previously revealed only shaded computer renderings of the Model Y. So despite Elon tweeting the Model Y would have them, yeah, no. According to statements made by Tesla, the crossover EV will share roughly 75 percent parts commonality with the Model 3. Tesla trademarked the name "Model Y" in 2013, with Musk first describing this SUV in October 2015. This should make production more efficient for Tesla and help keep costs down.More news: Murdoch's News Corp wants Google split up in Australia