Musk Says Tesla Plans to Build New Factory for Model Y Crossover

I can already see the memes about its name coming ("Tesla Y tho?" sort of stuff) especially if it has issues. Here's a Model 3 teaser image, for example. This is just concept teaser stuff, though, so don't look too closely into that.

On the other hand, demand for Tesla's luxury vehicles, the Model S sedan and the Model X SUV, is plateauing, the analysts said. "We can just reprogram it to make it better with software", he said. Other than that, Musk didn't reveal any additional information about the vehicle or its design - other than to mention that its demand is even higher than the Model 3, the Washington Post reported. Though the existing Gigafactory there will supply the battery pack and drivetrains for the Model Y, the vehicle plant will be a new one, and some production processes will eventually be offloaded into the new plant, to accommodate Model 3's expansion.

During Tesla's annual shareholder meeting on Tuesday, though, Musk defended the safety of the Model S and Model X. He also shared a simple piece of advice when asked by a shareholder what he thought of AAA's increase in Tesla insurance premiums. To justify a high-flying stock valuation, the Model 3 must sell well in large numbers. Several major freight companies have been consulted to help assist with its design. Not to be outdone by a traditional auto manufacturer, Tesla can't let BMW have the only electric crossover on the market.

CEO Elon Musk spoke about the vehicle, which is due out in 2019, noting that it is indeed a smallish sport utility vehicle.

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Musk revealed the firm's plans for a semi-truck this past April, when he tweeted that the unveiling could come as soon as this September. It is unclear if Tesla truly believes it won't need mirrors when it becomes available by 2019 and beyond or if the design still isn't complete.

"A candid Musk went on: "[Model X] is like a Fabergé egg of cars. A Model 3 ordered today is scheduled to be delivered by mid or late next year, according to the company's website. For a small auto manufacturer, this seems as if it's biting off more than it can chew.

We have good news and bad news. The Model 3 is expected to cost from $35,000 (€31,000) in the USA, putting it in the same bracket as the BMW 3 series.

  • Douglas Reid