China customs lifts suspension on Tesla Model 3 imports

"Solar plus battery plus electric vehicles is a sustainable future you can be excited about

The Model Y will be unveiled today at a live-streamed event scheduled for 8pm Pacific Daylight Time (2pm Australian Eastern Daylight Time) at the company's design studios in Los Angeles. It is a product that Tesla founder Elon Musk first flagged back in 2015.

The Model Y is based on the smallest auto in Tesla's range, the $35,000 Model 3, which Mr Musk hopes will bring electric motoring to the mass market.

With that big of trivia out of the way, the Model Y is expected to be largely based on the Model 3.

Underpinning the "baby" SUV will be the same platform as the Tesla Model 3 and according to some, the Model Y will share roughly 75 per cent of its parts with its sedan sibling.

"Detailed specs & pricing will be provided, as well as test rides in Y".

Musk also said the Model Y will be powered by the same battery as the Model 3. The heavier Model Y, however, will have less range because of its increased weight and size.

The video posted on the social media network shows the Model Y under a auto cover, revealing the car's silhouette.

Speaking of costs, Tesla says that the Model Y will be roughly 10 percent more expensive than a comparable Model 3. Compact SUVs are the largest vehicle segment and is 50 percent larger than the next-largest segment.

Teased image of Model Y from Tesla Photo: Tesla Inc.

Its shares fell more than 5 per cent on the day news of its imports being suspended first broke and rose 3 per cent later after it said the issue had been resolved. Tesla said it hopes to build 2,000 Model Ys per week by September 2020.