Tesla Model 3 Out On The Street

Tesla's unannounced Model Y gets brought to life in new concept photo

The Tesla Model 3 won't be the only affordable electric vehicle from the automaker in the coming years as it will be joined by a compact crossover dubbed the Model Y.

Reports say that the new model may not be ready until next year.

While the Model 3 is the main priority for Tesla, the upcoming Model Y may establish itself as a goldmine for the company because of a rising popularity of the crossover segment in America and the filling of that gap by the model.

Tesla Model Y will have the signature Falcon Wing and other similar Tesla Model 3 specifications in terms of design, according to a news report. The rumor is that the Model Y might cost around $45,000. It is also expected with eight cameras for 360 degrees view as well as 12 ultrasonic sensors.

The shops are referred to as showrooms in that they will offer a chance to see and even test-drive Tesla cars but not a chance to actually purchase one. The Model 3 in the clip seems to be a fully built prototype, lacking the camouflage we normally see on test cars.

Tesla Inc (NASDAQ:TSLA) Model S is already the fastest auto in production right now, and the company is working to make it even faster and get more power out of it. The Model Y will wield as many as eight cameras as part of this autonomous drive system, in addition to 12 ultrasonic sensors and a new type of forward-facing radar meant to work in all weather conditions. The computer will reportedly be 40 times more powerful than what has been used in previous Tesla Inc vehicles, reports AutoCar.

So far, there is no formal announcement yet as to when Tesla will unveil the new Tesla Y Model.

The Model Y is part of the corporation's plans to increase annual vehicle production. It is looking to make 500,000 vehicles in 2018 and wants to reach $1 million in 2020, Electrek notes.

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