Tesla Model Y: news and updates from Elon Musk's announcement

Here's everything you need to know about the Tesla Model Y: a compact SUV, or crossover, that will serve as a companion vehicle to the Model 3. The car was unveiled for the first time in 2019 and will go into production at the end of 2020.

The Y model shares about 75% of its parts with the Model 3, which is currently Tesla's most affordable car. Tesla CEO, Elon Musk, said the Y model would be about 10% larger, would cost about 10% more, and slightly less reach than model 3. The model will not have the "Falcon Wing" doors found on Tesla's largest SUV, the X model. But drivers can expect to sit higher and enjoy less obstructed views in a Y-model.

The Y model will be the cornerstone of Tesla's goal of providing 1 million cars by 2020. Compact SUVs are in the world's most popular vehicle category. The Y model could help Tesla take advantage of this wave of demand and distribute payments from customer bookings before the start of production.