Tesla, Inc. (NASDAQ: TSLA) Chief Executive Officer Elon Musk tweeted on Sunday that the electric automotive manufacturer will unveil its Model Y in Los Angeles, California on March 14th. Musk’s announcement confirms his tweet from back in 2015 of the concept of the Model Y.
Musk followed the tweet up saying that the Model Y will be an SUV is 10% bigger than the Model 3, so it will cost approximately 10% but have slightly less range for the same battery.
In Tesla’s fourth quarter and full year announcement, Musk said that the Model Y would be cheaper to make because it shares 75% of its components with the Model 3. Musk also said that he expects high volume production of the Model Y to ramp up by the end of 2020.
Musk’s tweet regarding the Model Y unveiling comes shortly after the U.S. Securities and Exchange Commission investigated Musk over his tweet that Tesla would manufacture 500,000 cars this year.
The SEC said that Musk’s tweet was inaccurate, but then Musk shortly followed up with a tweet saying he meant “annualized production rate at end of 2019 probably around 500k, ie 10k cars/week. Deliveries for year still estimated to be about 400k.”
“Musk did not seek or receive pre-approval prior to publishing this tweet, which was inaccurate and disseminated to over 24 million people,” the SEC wrote in the court filing.
Musk retorted back with another tweet saying: “SEC forgot to read Tesla earnings transcript, which clearly states 350k to 500k. How embarrassing …”
Tesla was previously investigated late last year after Musk planned to take the Company private, but quickly changed his mind a month after the announcement.