Tesla Model Y Release Date: Will Elon Musk Make Good On His Statement Last Year?

Tesla CEO Elon Musk said last year that the Model Y might be unveiled in March 2019, but how close are we to the reality of this happening?

The billionaire gave Tesla fans a clue on when the company is launching the much-awaited crossover SUV in a series of tweets in March last year. One Twitter user asked, “While you're here how about a date on the Model Y unveiling?” Musk directly responded with the date March 15. He then gave some vague statements before ending his series of tweets with a clearer response.

“But consider it real. We could unveil Model Y anytime from late this year to mid next year, so March 15 is about right,” Musk said in a tweet.

Although there have been no other statements about the Tesla Model Y launch date after that, Musk shared earlier this month that the company is already preparing for the 2020 production of the electric SUV.

The business magnate also predicted the Model Y would become a Tesla best-seller, according to a CNN report.

"The demand for Model Y will be maybe 50% higher than Model 3, could be even double," Musk was quoted as saying during a conference call with investors this month.

The Model Y is expected to combine some features found in both the Model 3 and the Model X. Based on teasers released by Tesla, the vehicle will have a panoramic windshield just like the luxury SUV but specs will sport a similar performance with that of the Model 3. The company also shared that it will use parts of the Model 3 during production, making the crossover vehicle more affordable in the long run.

The U.S. presents a strong market for SUVs as motorists are slowly veering away from purchasing sedans. In fact, American carmakers like General Motors, Ford and Fiat Chrysler already have plans of stopping their production of sedans in the near future.

The arrival of the Tesla Model Y is also expected to improve the sales of electric SUVs in the market. Michelle Krebs, a senior analyst for AutoTrader, said that electric vehicles make up only 1 percent of U.S. car sales because the EVs available in the market are mostly sedans.

“It really hasn't been in a body style that people are buying," she said.

The Tesla Model Y is expected to live up to a lot of expectations in the electric vehicle market, but first, the company has to work on ramping up the production of the Model 3 which is sadly lagging behind in the U.S. market. Demand for the Model 3 in Europe and Asia is also low.