United States based electric car maker Tesla would come up with its Model Y crossover within a period of two weeks, according to its founder and CEO Elon Musk. This is seen as an attempt by the company and its billionaire owner to provide some silver lining to the company’s growth narrative amidst the company facing criticisms over closure of stores and lay off of employees and gears of waning demand for its electric cars as the tax incentive of the US government slowly but surely wanes away and raises questions about the claims of growth for the company in the near future.
The Hawthorne, California, design studio of the company was used to first bring the Model 3 to the world in March of 2016. The company has also been able to generate enormous interest and media attention to itself and to its cars through highly orchestrated events for its product launches where typically there have been throngs of consumers who were willing to pay up down deposits for the cars right on the spot.
Tesla’s plans to come up with a SUV as soon as it can, is testimony to the fact that a large section of American consumers are fast shifting their preference from sedans to SUVs. The announced Model Y of the company is the next offering aimed at appealing to that changing taste of consumers.
The engineering and design of the Model Y had been already completed by Tesla, Musk had said while talking to analysts during the fourth-quarter earnings announcement back in January this year. He had also announced that “three-quarters of the Model Y is common with the Model 3". According to reports quoting sources, the company could make use of its existing gigafactory east of Reno, for production of its new model because that factory also manufactures batteries and power trains.
In a number of tweets made by Musk recently, he also said that there would be “normal” doors on the Model Y, unlike the Model X which had been adorned with Falcon Wing doors. He also said that the price of the Model Y would be about 10 per cent more than the Model 3 because of its larger size. One of the major factors that Tesla considers while affixing a price is the battery range it includes in a model.
Tesla announced last week its most awaited affordable version of its most popular Model 3 and the company announced that it would be available to consumers at $35,000 Model 3 which would have a standard range battery.
In another announcement last week, Tesla also announced in a blog posy about the closure of most of its brick and mortar stores and shifting most of its sale online across the world in an effort to reduce cost price of its cars. This move came as a surprise to many investors and analysts. The announcement resulted in its shares dropping by 7.8 per cent to $294.79.
Reports also claimed that they could not get any response from Tesla as the company. Through a representative ay at its headquarter in California, Tesla only referred to the contents of the blog post as comments on the closure issue.
(Source:www.livemint.com)
The Hawthorne, California, design studio of the company was used to first bring the Model 3 to the world in March of 2016. The company has also been able to generate enormous interest and media attention to itself and to its cars through highly orchestrated events for its product launches where typically there have been throngs of consumers who were willing to pay up down deposits for the cars right on the spot.
Tesla’s plans to come up with a SUV as soon as it can, is testimony to the fact that a large section of American consumers are fast shifting their preference from sedans to SUVs. The announced Model Y of the company is the next offering aimed at appealing to that changing taste of consumers.
The engineering and design of the Model Y had been already completed by Tesla, Musk had said while talking to analysts during the fourth-quarter earnings announcement back in January this year. He had also announced that “three-quarters of the Model Y is common with the Model 3". According to reports quoting sources, the company could make use of its existing gigafactory east of Reno, for production of its new model because that factory also manufactures batteries and power trains.
In a number of tweets made by Musk recently, he also said that there would be “normal” doors on the Model Y, unlike the Model X which had been adorned with Falcon Wing doors. He also said that the price of the Model Y would be about 10 per cent more than the Model 3 because of its larger size. One of the major factors that Tesla considers while affixing a price is the battery range it includes in a model.
Tesla announced last week its most awaited affordable version of its most popular Model 3 and the company announced that it would be available to consumers at $35,000 Model 3 which would have a standard range battery.
In another announcement last week, Tesla also announced in a blog posy about the closure of most of its brick and mortar stores and shifting most of its sale online across the world in an effort to reduce cost price of its cars. This move came as a surprise to many investors and analysts. The announcement resulted in its shares dropping by 7.8 per cent to $294.79.
Reports also claimed that they could not get any response from Tesla as the company. Through a representative ay at its headquarter in California, Tesla only referred to the contents of the blog post as comments on the closure issue.
(Source:www.livemint.com)
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