Tesla Model Y Price: Elon Musk Unveils the Long-Awaited $39,000 Electric SUV

After almost four years of anticipation, Tesla unveiled the Model Y Thursday in Los Angeles, and CEO Elon Musk revealed that the all-electric SUV will start at $39,000 with four variants: a Standard Range, Long Range, Dual-Motor All-Wheel Drive, and Performance version, which will have a top speed of 150 miles per hour and cost $60,000.

“It has the functionality of an SUV but it rides like a sports car,” Musk said at the unveiling. “We expect it’ll be the safest SUV in the world by far.”

The Standard Range Model Y will be the most affordable of the four, but isn’t expected to be delivered until the spring of 2021. It will come with 230 miles of range, can accelerate from 0 to 60 mph in 5.9 seconds, and feature a panoramic glass roof, six seats, and Autopilot features with full self-driving coming later in 2019.

The remaining three will all ship in the fall of 2020 and each come with their own special traits.

tesla model y
Elon Musk introduces an electric blue Model Y.

The Long Range variant will be able to drive 300 miles before it needs to be recharged, and it costs $47,000. There will also be a $51,000 Dual Motor AWD variant, which will come with less range — 280 miles — but better acceleration. The $60,000 Performance variant is capable of a top speed of 150 mph with the same 300 mile range as the Dual Motor model.

The Model Y series is the Tesla’s fifth EV since it was founded in 2003, and it is designed to be Tesla’s first mass-market SUV. In a March 3 tweet, Musk noted the Model Y should give drivers roughly “10 percent” more interior space for the roughly 10 percent price hike compared to the Model 3. Because it’s an SUV — which makes up the majority of new American car sales — it’s projected to be Tesla’s best seller.

“We expect to sell more Model Ys than Xs and 3s combined,” said Musk after showing off the car’s complete roster.

tesla model y roster
A full list of Model Y variants expected in 2020 and onward.

SUVs dominated the top five most popular car models in the first half of 2018 and demand is growing, according to data from Kelley Blue Book. The average cost of a gas-guzzling, mid-sized SUV was $38,541 early in 2018, meaning the Model Y is priced just where it needs to be to offer a competitive, clean energy replacement for fossil-fuel burning SUVs.

To keep prices low and production snappy, Tesla plans to build the Model Y using 75 percent of the same parts that are found in the Model 3. The goal is to crank out 2,000 Model Ys per week by September 2020.

The preorder window for three of the four SUVs opened minutes after Musk ended the announcement. The only variant that isn’t available to be reserved is the Standard version, slated to ship a year after the rest.

WATCH: Learn what a gigafactory is and how they will be instrumental in the output of the Model Y.