Tesla unveiled the Model Y this week at its Design Center in Hawthorne and, boy, was the event something else. Elon took the opportunity to speak directly to consumers via a live webcast about the history of Tesla, the company's product range and its latest automotive offering. Here are a few highlights from the event.
First and foremost, Elon took the wraps off the Model Y. This SUV will be built on the Model 3 platform and, in fact, will share 75 percent of its components with the mass-market sedan. The Model Y will have 66 cubic feet of storage space, 300 miles of range and a top zero-to-sixty time of 3.5 seconds . The entry level car will cost $39,000 and the performance version will run $65,000. Essentially, the Model Y will be about 10 percent larger, 10 percent slower and 10 percent more expensive than the Model 3.
Second, Elon set some expectations about production. The Model Y, given that it is an SUV, is likely to be Tesla's most popular car. Volume production will be difficult to attain and somewhat slow to ramp up. Nonetheless, Elon anticipates mass production to be begin in late 2020. As with the Model 3 ramp, the Model Y will be produced in descending order of profit margin. So, the Performance, All Wheel Drive and Long Range versions will be sold first before being followed by the base, shorter-range models. This approach assures that Tesla will have the cash on hand to actually make the mass-market version of the Model Y. Ever the optimist, Elon estimates the the short-range, $39,000 edition of the Model Y will begin rolling off the line in early 2021.
Third, the Model Y went up for sale immediately following the event. This instant-purchase approach differs from the Model 3 launch, in which customers could "reserve" a Model 3 for $1,000. Interested customers can literally configure and purchase a Model Y today for a mere $2,500 deposit. Tesla has since clarified in a series of FAQs that the deposit is refundable.
Fourth, Tesla showcased every single production car they have ever made at the unveiling of the Model Y. Elon rolled out his VIN 001 Tesla Roadster, before showing off a Model S, Model X and Model 3. The elusive Tesla Semi and Next-Generation Tesla Roadster made appearances, too. So did a teaser for the Tesla Pickup, but more on that in a future post.
Finally, Elon spent only a few minutes talking about the Model Y. Instead, he chose to focus on the challenges that Tesla has faced and overcome in the ten years that it has existed. His speech, as rambling as ever, was very powerful. He announced the staggering statistic that ten years ago, Tesla had produced exactly one car (his black VIN 001 Roadster) and this year the company will have produced 550,000 vehicles. On top of that, Tesla creates more lithium ion batteries at its Gigafactory in Sparks, Nevada than all other producers in the world combined. Long story short, Elon situated the Model Y in his ongoing narrative of accelerating sustainable transport -- it is not about the Model Y, it is about getting the greatest number of people in electrified transportation.
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