Tesla will soon give the world a look at its next major product. Billionaire CEO Elon Musk said the company plans to show off the electric Model Y crossover at an event in Los Angeles later this month
on Sunday to say there’d be a “Model Y unveil event on March 14 LA Design Studio.” The facility is adjacent to SpaceX, the rocket company Musk also leads, in Hawthorne, California.
The addition of a cheaper battery-powered SUV comes as demand for Tesla’s pricier X, which can cost more than $100,000 with premium options, appears to have cooled. During the company’s January 30 earnings results call he described X as a “Fabergé egg of cars.” “It’s an incredible vehicle and probably nothing like it will ever be made again, and maybe it shouldn't.”
Adding a more affordable electric SUV is beneficial for Tesla as the"addressable market for crossovers/SUVs is significantly larger than sedans in the United States ," Ben Kallo, an equity analyst for Baird, said in a research note. The news didn't appear to be benefit Tesla shares, however, which fell 3.2% to $285.36 in Nasdaq trading Monday.docked an unmanned Crew Dragon capsule at the International Space Station
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