Tech

Tesla to unveil Model Y SUV on March 14

Key Points
  • Tesla will unveil its Model Y SUV on March 14, CEO Elon Musk said in a series of tweets Sunday. 
  • The tweets may exacerbate Musk's clash with the Securities and Exchange Commission over the CEO's unfettered use of social media.
  • Musk said that the SUV would cost 10 percent more than Tesla's Model 3 sedan and have "slightly less range" for the same battery.
Elon Musk, co-founder and chief executive officer of Tesla Inc., speaks during an unveiling event for the Boring Co. Hawthorne test tunnel in Hawthorne, California, U.S., on Tuesday, Dec. 18, 2018.
Robyn Beck | Bloomberg | Getty Images

Tesla will unveil its Model Y SUV on March 14, CEO Elon Musk said in a series of tweets Sunday.

Musk said that the SUV would cost 10 percent more than Tesla's Model 3 sedan and have "slightly less range" for the same battery.

The tweets may exacerbate Musk's tensions with the Securities and Exchange Commission over the CEO's unfettered use of social media.

Last week, the SEC asked a federal court to hold Musk in contempt over what the agency saw as a violation of an agreement they struck in 2018.

In that motion, the SEC cited an "inaccurate" February 19 tweet about production. Last month, Elon Musk tweeted — then revised — projections for full-year Tesla manufacturing numbers.

Tesla did not immediately reply to requests for more information.

The company said on Thursday that it wouldn't turn a profit in the first quarter and that it was closing its stores as it shifted sales online, a move that would allow it to cut costs and relax its lobbying efforts in states that don't permit auto makers to operate their own dealerships.

Earlier that day, Tesla analyst Adam Jonas of Morgan Stanley said the Model Y crossover SUV would offer Tesla the chance to gain a presence in a larger and faster growing segment of the auto market.

It's not clear where Tesla will build the Model Y or how much preparing for vehicle assembly will cost. Tesla decreased capital expenditures throughout 2018 and plans for only a modest increase this year.

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