Tesla unveils the Model Y

Ben StevensCompanies

Tesla has launched its latest electric vehicle, a compact SUV called the Model Y built on the same platform as its Model 3.

The Model Y will be launched first in a long-range version, costing $47,000 (£35,000) with a range of 300 miles, which customers can now pre-order and will be available next year.

In 2021 another cheaper standard model will be launched for $39,000 (£29,400) with a range of 230 miles, bringing its price bracket close to that of the Model 3 for $35,000 (£26,400).

Its new model is understood to be part of Elon Musk’s drive to make cars which appeal to a wider audience.

READ MORE: Tesla makes dramatic U-turn on store closures

The Model 3 is being touted as Tesla’s own Ford Model T, widely regarded as the first affordable automobile which opened travel to the common middle-class American.

Over 400,000 people are thought to have already signed up for the Model Y.

This comes after a difficult few weeks for Tesla, which announced earlier this month that in order to keep prices as low as possible for its new ranges, it would be closing all of its retail stores.

This announcement wiped $8 billion of Tesla’s market value, before the company made a dramatic u-turn on the decision, announcing that it will raise the price of the Model S, Model 3S and Model X by three per cent on March 18, allowing some if its physical estate to remain functional.

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Ben StevensCompanies

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