Musk unveils Tesla Model Y - the cut price electric SUV

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And for $51,000 ($9,000 less than the Performance model), you can opt for the Dual Motor AWD option that does 450 kilometers (280 miles) with a top speed of 217 kmph (135 mph).

Viewed from the rear, the Tesla Model Y has a similar profile to the larger Model X but has taillights more akin to those of the Model 3.

"Twelve months from now we will have made about 1 million vehicles", Musk said at the event, without specifying the breakdown of models. The faster charging speed will also allow Supercharger V3 locations to accommodate more vehicles per hour; a capability that will be beneficial to Model Y owners considering the estimated demand for the all-electric SUV.

Tesla will tonight unveil its attempt to break into the fast-growing "crossover" auto segment, revealing the highly anticipated Model Y. The Model Y, according to Musk, will be capable of 0-60 miles per hour in 3.5 seconds.

Tonight, Tesla revealed the Model Y, and thanks to the reveal of the Tesla Roadster as part of the Tesla Semi announcement, we were expecting some surprises.

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That plan - later scrapped - ushered in an ongoing period of turmoil at the company, from Musk's public battles with regulators, a flurry of securities lawsuits, cost cutting and layoffs across the company. For anyone who questioned why the Model Y was unveiled now, this is your answer. But last week, Tesla reversed course and said it would leave many stores open and raised prices back by about 3 percent. "This is definitely going to be the year of the solar roof and power wall", Musk said, explaining that Model 3 production challenges prevented the company from spending more resources on solar and battery projects.

The risk is "quite low" Musk told analysts in January. So despite Elon tweeting the Model Y would have them, yeah, no.

The Model will begin production in 2020 (the northern's hemisphere's fall, or autumn), with a base model to be released in 2021.

The California-based company only started delivering Model 3 cars to China at the end of February, a key market where it has been trying to revive its sales which have been hit hard by Sino-U.S. trade tensions. Tesla said it hopes to build 2,000 Model Ys per week by September 2020.

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