Meanwhile, the company also lowered the starting price for Model 3 cars from $43,000 to $35,000, a price point Musk had long promised his fans.
This year also saw Tesla break ground on a new factory in Shanghai, which is planned to house production of the Model Y after its initial production at the company's Reno, Nevada, factory.
Electric vehicle maker Tesla Inc. had evaded its plans of closing all of its U.S. stores, a blog post on Tesla's official website revealed on Monday, the 11th of March 2019, and the post also added that instead of shuttering all of their United States stores, the Tesla Inc.
In early March, Teslasaid it would lower the post-delivery price of Autopilot and the upgrade package for existing customers to $2,000 and $3,000, respectively. But its announcement also mentioned the Model Y, which shares the Model 3 platform.
Thursday's reveal comes amid a turbulent time for Tesla, as it attempts to make good on its promise of providing a cheaper Model 3 and Musk battles with federal regulators.
In addition, Musk expects significant synergies from building the Model Y on the Model 3 platform. The SEC said that a tweet Musk sent on February 19th about the company's production targets for 2019 violated the settlement between Musk and the SEC previous year. "Since Model Y will be built on the Model 3 platform and is created to share about 75% of its components with Model 3", Tesla explained in its fourth-quarter shareholder letter, "the cost of the Model Y production line should be substantially lower than the Model 3 line in Fremont, and the production ramp should also be faster". Recent price cuts have prompted concerns about demand for Tesla's vehicles.
On Monday, Musk argued in a filing that his "single, immaterial" tweet to his more than 24 million Twitter followers claiming the electric vehicle-maker would produce around 500,000 cars in 2019 did not violate that agreement.
Dark teaser images released by Tesla on its website suggests the Model Y will borrow a handful of styling cues from the Model X which includes a tall, angular front end.
Potential Tesla owners will have a week to place their order before prices rise, so current prices are valid until March 18th. The Motley Fool owns shares of and recommends Tesla.
USA stocks mostly higher on tech strength; Boeing hurts Dow
In electronic trading after the settlement, gold futures touched highs above $1,302, edging slightly higher after the Brexit vote. The S&P 500 rose 31 points, or 1.1 per cent, to 2,774, while the Nasdaq jumped 116 points, or 1.6 per cent, to 7.525.
Aamir Khan confirms his next project on his birthday
Now as " Forrest Gump " is already a ideal piece of art, it's beyond me why Aamir Khan has decided to remake it. He added that he has to lose around 20 kg of weight to fit into the character. "I have to be lean and slim".