Tesla Inc. is gearing up to launch two different vehicles, the previously announced Model 3 and the upcoming Model Y compact crossover.
The crossover segment is the most crowded market in the United States and almost all top automobile brands race to reach the top. The new Model Y from Tesla is expected to be the cheaper and smaller version of the Model X SUV they have in the market right now. While Model 3 is quite inexpensive at $37,000, the upcoming compact crossover will be priced slightly higher because of its increased size that requires a larger battery and components to make autonomous driving possible.
Besides, the company offers a whole new level of customization with every car that usually increases the base price of the model. Elon Musk, CEO of Tesla believes that the overall cost of the Model Y with customization options will be somewhere close to £37,000 in the UK region. The crossover is yet to be officially announced and go into production. It is likely to be unveiled later next year and go into production by the end of 2018. The car will make use of the electrical architecture which will enable drivers to experience complete autonomous driving capability.
Musk added that it costs £7,000 to integrate full autonomous features into each car but people may not be able to utilize all of them due to local restrictions. All future Tesla models will be equipped with a 360 degree camera to provide updates on the surrounding, 12 ultrasonic sonars to capture sound waves and a new improved front facing radar made to withstand extreme weather conditions.
The Model 3 car is powered by a 60kWh battery that is supposed to offer at least 230 miles on a full charge while the Model Y compact crossover is much larger in size. It needs a bigger battery that shoots up the pricing of the car but it won’t be as premium as the Model X SUV. Tesla has continued to invest a lot, at least $2 billion so far into building the Gigafactory and delivering cars as promised.
The automobile manufacturer is yet to ship at least 500,000 units every year so as to turn their operations into a profitable one. Elon Musk opines once the Model 3, Model Y among many new cars enter the market, the company will create a strong base for their among buyers besides ushering in innovative technology.