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The Model Y production timeline has been moved up from fall 2020 to spring, Tesla said in its Q3 update.
Tesla hoped that by sharing the same platform as the Model 3, the Model Y crossover SUV would have an advantage when time to go to production. The Model Y shares about 70 percent of the same parts as the Model 3 sedan.
According to Tesla’s Q3 report:
Model Y equipment installation is underway in advance of the planned launch next year. We are moving faster than initially planned, using learnings and efficiencies gained from our Gigafactory Shanghai factory design. Capex per unit of capacity is forecasted to be about 50% lower than our current Model 3 production system in the United States.
Several Model Ys have recently been spotted doing road testing, signaling that Tesla is getting closer to production.
The long-range Model Y with 300 miles of range will come first with a price of $47,000. Tesla will also offer an all-wheel drive dual-motor version for $51,000 and a performance version for $60,000.
Tesla has said it expects the demand for the Model Y of between 500,000 to 1 million units per year.