Tesla Inc (TSLA) Unveils First Details About Model Y

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Musk said that next month Tesla is expected to produce its first Model 3, its lower-cost EV.

Originally it was reported that the Model Y would share its platform with the Model 3, but instead Tesla has chose to base the Model Y on an entirely new platform. The same process will take more than a year with the Model 3. In fairness to Tesla, the brand has been working with the sorts of companies that will use these electric semi-trucks, so it will be made to fit their demands and likely have a good shot at success. Musk is aiming to make 5,000 Model 3 sedans per week by the end of this year and 10,000 per week in 2018.

However, The Verge believes it will be "a crossover... sized smaller than a Model X but bigger than the Model 3".

Tesla is treading into a new territory to offer affordable all-electric cars.

Musk told shareholders that the Model Y would be built "in a way that a vehicle has never been built before". Tesla initially planned to have the Model Y ride on the Model 3's platform, but Musk confirmed in the Q&A segment of the shareholder meeting that Model Y will be riding on a completely new platform.

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Part of this decision, to switch from the current platform, was driven by the company's experience building the Model X. Musk is now calling it an over-confident mistake, since Tesla chose to build the Model X from the Model S platform - seeing it an easy manufacturing decision. "It would have been better to just design an SUV the way an SUV should be designed".

'Otherwise you're just trying to shoehorn something in that doesn't make sense'. According to the publication Autolist, that's helped the Model depreciate more slowly than internal combustion-powered cars. Musk revealed that Tesla's Model 3 - the first production model should be delivered sometime next month - isn't going to be very configurable at first.

You get some more hood lines on this one. Tesla wants to resolve that by providing buyers an 8-year infinite mile guarantee, which can reassure those interested in buying the auto.

The Model 3 isn't even out yet and the public hasn't even seen it yet.

Guarantee: With electric cars, the biggest risk is if something happens to the battery, your auto goes bust.

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