The crossover is around 10 percent larger than the Model 3, according to Elon Musk, with a slightly smaller range. We're expecting to learn about pricing and specifications for the Model Y, which is scheduled to go into production next year.
The announcement could give Tesla a bit of a morale boost after a torrid start to the year. It flip-flopped on Autopilot pricing and store closures in the space of a few weeks. It will shut about half as many stores as planned, instead raising prices on most models to maintain revenue targets. Elsewhere, the Model 3 lost its Consumer Reports recommendation, and Tesla laid off seven percent of employees. The Model 3 delivery team is said to have been decimated by the cuts -- which perhaps led to extended delivery times for that car.