Tesla Model Y set to launch soon

Tesla will roll out its next electric car – the Model Y – at the end of Q1 2020.

The company announced that its eagerly anticipated crossover SUV will begin shipping much earlier than its expected launch in the second half of the year.

Tesla shared the news in the release of its Q4 2019 results and financial forecast for 2020.

The company said the schedule change was due to the quick construction of its Shanghai Gigafactory, which took only 10 months.

As the factory in China now supplements Tesla’s Model 3 manufacturing, the company’s Fremont plant in California will speed up production of the Model Y.

Tesla is aiming for a production capacity of 500,000 units of the Model 3 and Model Y at the Fremont plant by the end of 2020.

Model Y variants

The Model Y will be available in three builds – long-range, all-wheel drive (AWD), and high-performance.

During yesterday’s earnings announcement, the company said it had boosted the AWD’s range from 280 miles (450km) to 315 miles (506km).

The long-range edition is the most affordable model at $47,000 (R690,000), while the AWD model sells for $51,000 (R750,000).

For the premium variant, customers will be set back $60,000 (R880,000).

Tesla on a roll

The early launch comes on the back of Tesla’s impressive financial earnings in 2019.

The company posted its first annual profit – $35.8 million – after performing well in the last three quarters of the year.

Additionally, Tesla made headlines with the reveal of the unconventional Cybertruck, for which it has received hundreds of thousands of pre-order deposits.

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Tesla Model Y set to launch soon