Tesla Inc, Unveiled its much-awaited crossover electric SUV Model Y on Thursday night, but investors and analysts don’t seem too impressed as share prices begin to edge lower. Tesla shares dropped by 4.4% on Friday morning after the inauguration.
The latest Tesla model was unveiled by Chief Executive Officer, Elon Musk, in Hawthorne, California. The vehicle will start off at a base price of $ 39,000 and a battery power of 230 miles. This model can travel up to 300 miles. Musk also said that the Model Y too is expected to use 75% of the same parts of the Model 3.
Tesla expects to sell the pricier versions of the Model Y first before releasing shorter range models. The long-range Model Ys are expected to be priced between $ 47,000 and $ 60,000.
According to Tesla’s site, the Model Y comes with uniform wheel drive and dual motor. It also holds up to 66 cubic feet of cargo storage. It can accelerate up to 60mph in a mere 3.5 seconds. Tesla also projected that the Model Y can recharge for 168 miles in just less than 15 minutes at a Supercharger location.
Similar to previous Tesla models, the Model Y has 360-degree camera equipment to provide maximized visibility. This model also has a 160m forward facing radar detection for far-range objects and 12 ultrasonic sensors for detecting vehicles in its vicinity as well as to assist with parking. It also comes with an autopilot feature, allowing it to have full self-driving functionality. The autopilot option also includes emergency auto breaks, collision warning, blind-spot monitoring, and much more.
The biggest concern regarding the Model Y is its shipment and production schedule. Tesla already said it doesn’t plan on beginning shipment of the Model Y until 2020. Investors and Tesla enthusiast alike had hoped to hear other updates regarding the newer models such as software updates.
The production also concerns numerous people especially after the incidents regarding Model 3. Tesla was noticeably troubled producing and delivering the Model 3 during its first unveiling and allowing customers to place orders. Due to production issues, Tesla ended up pricing the Model 3 at a much steeper price than the originally intended $ 35,000 base price. Customers also complained that they were facing delays on their shipments, some for several months on end.