With electric cars rapidly becoming the norm, automotive manufacturers are racing in a constantly intensifying race to churn out electric vehicles faster than industry rivals. Tesla, the California based electric car maker founded by the iconic Elon Musk has reportedly begun preparations to start production of its Model Y compact all-electric SUV. Musk disclosed at an event that the company’s Gigafactory at Fremont is being prepared for the production.
The Model Y would have features similar to Model 3 since it would be based on Model 3’s platform. It is a design decision that could help consolidate production procedures and reduce the overall cost of manufacture. With a price beginning at $39,000, the Model Y shares lots of features with Model 3 like the panoramic sunroof and a 15-inch touchscreen. It would deliver a range of 230 miles on one full charge. Shipping is planned to begin sometime during the latter half of 2020. Tesla reportedly has the capacity to produce about 8000 Model Y SUVs at its Fremont factory by the end of the year.
This news is welcome for customers who have booked vehicles in addition to shareholders and investors in Tesla since the company has reported a significant loss that is over $400 million in spite of good numbers on deliveries.
As many carmakers continue to invest ever-increasing amounts of capital on the development of electric vehicles, it is increasingly becoming clear that electric vehicles are the future of the automotive industry.