Tesla is a few days away from officially unveiling the Model Y. The compact pickup truck will be the American EV manufacturer’s fourth car, based on Model 3.

Tesla CEO Elon Musk recently confirmed the launch of Model Y at the LA Design Studio on March 14th. In addition to this, the company has now teased a dark silhouette of the car’s front fascia.

The Tesla Model Y will be compact SUV based on Model 3.

Musk has said that the Model Y will be roughly 10 per cent bigger than the Model 3 and will be priced about 10 per cent more than the same – putting the compact SUV in the $51,975 ballpark if a standard model is offered. Reports suggest that the production of the new model will take place at its Gigafactory in Nevada, alongside Tesla’s battery packs and electric motors.

Up to three-quarters of Model Y’s components will be shared with the Model 3, including the platform. Following this, we also expect the Model 3 to join Model Y at the facility in Nevada. Tesla had originally planned for the Model Y to hit showrooms this year. However, in light of recent setbacks such as the firm’s record loss of $679 million, the project was postponed. The Model Y’s launch date has since been revised, and it’s now expected to reach the market by 2020.

Model Y holds significant importance in Tesla’s ‘Master Plan’ to line itself up to enter a booming marketplace. Alongside the Model 3, the Model Y will be a giant leap towards Tesla’s goal of becoming a true volume vehicle manufacturer.

According to Musk, the batteries and powertrains will roll off one production line and will be transferred onto another to join the Model Y for assembly. As a result, this would eliminate the clumsy transportation network for Tesla batteries between Nevada and California.