Tesla dropped the wraps off the Model Y on Thursday. After months of speculations and hype, the company’s fourth model debuted with looks that share a huge resemblance with the Model 3.

The compact crossover has been built on the same platform that underpins the Model 3. Shaped to be a ‘crossover coupe’, the Model Y, has been inducted in a segment witnessing huge demand in recent years. The Model Y successfully blends a lean, athletic look of a sports coupe with the spacious and practical vibe of a utility vehicle- all without burning an ounce of hydrocarbon.

The Model Y is Tesla's next step to become a true mass-market manufacturer.

Tesla CEO Elon Musk states that the Model Y is capable of reaching 100kph in about 3.5 seconds. In addition to this, Musk also stated that the long-range model will come with a ‘true and usable’ range of 482km and will hit the showrooms first with a price tag of $47,000. Meanwhile, the base version which will be slower with shorter range will be available from $39,000 by 2021.

The Model Y Long Range, according to Tesla’s configurator, will feature rear-wheel-drive, delivering a range of 482km, with a top speed of 210kph and 100kph time of 5.5 seconds. However, a dual-motor version with an all-wheel drivetrain will cost you $51,000. This will return a range of 450km with a top speed of 217kph. The car will crack the ton in 4.8 seconds.

The Model Y takes major design cues from the Model 3.

Sitting above the Long Range will be a Performance trim that comes in at $60,000. Featuring the same two-motor AWD layout, the Performance model will hit a top speed of 241kph and reaching triple-digit speeds in about 3.5 seconds. It also gets 20-inch performance wheels, performance brakes, a carbon fibre spoiler, lowered suspension, aluminium alloy pedal and a track mode.

At its launch, the Model Y did not feature Tesla’s Autopilot feature which Musk said will arrive sometime this year. If regulators agree, it’ll be “safe enough to not pay attention.” The hardware is all built in. It’ll just need software upgrades to achieve those capabilities.