Tesla's new Model Y isn't all that exciting - and that's by design

Tesla Reveals Model Y ‘Baby SUV’ Tonight: How To Watch Live

Tesla Model Y debuts in California with $39,000 base price

That's for the rear-drive-only Standard Range version, with rear-drive Long Range variants starting at $48,200.

Tesla says that Model Y will carry up to 7 passengers and their cargo. It will sport a 120-mph top speed, 0-60 in 5.9 seconds and will offer a range of 230 miles. Tesla pegged the Model Y's range at up to 300 miles compared to 325 miles for the Model 3. This configuration is offered on two models, the $47,000 Long range and the $58,000 Performance.

There will also be a more expensive version of the Model Y, The Verge reported, with a price tag of US$51,000 that will feature an all-wheel drive and a dual motor.

The first thing we know about the all-new Model Y is its categorization in accordance with its battery range, drive mode, and performance. Perhaps the biggest innovation is that the relatively compact SUV, whose Tesla cW value is 0.23, will be optionally available with seven seats.

Tesla Model Y electric crossover

Elon did mention that Tesla Y as well as other Teslas will get an autopilot featured with self-driving later this year without going into any specifics.

The event started with Elon Musk talking about the history of Tesla and the electric vehicle scenario overall, and how it has grown from a gimmick to one of the most anticipated upcoming tech innovations in a decade.

Deliveries are expected to begin in the fall of 2020.

The Long Range, Dual-Motor All-Wheel Drive and Performance models will be first on the market, naturally, since they will be priced higher and will mean more profit for the mother ship.

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The order books are open. Spak said the model's impact on the Model 3 could be "significant" as crossover demand around the world has exceeded that of sedans.

The exterior of the Tesla Model Y doesn't really have any surprises: That the electric vehicle would be based on the chassis of the Model 3 is well known.

Over the next few years, we saw the Tesla Model X and the Model 3 get launched, covering the other price points. The Models S and X share just 30 percent of their parts.

The more affordable Model Y will be produced some months later, hopefully not echoing the lag and drama over the $35k Model 3 Standard Range.

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Some analysts were concerned that the Model Y could claw demand away from the Model 3. This auto has a range of 320 miles, accelerates to 60 mph in 5.5 seconds and can go as fast as 130 mph. In its Q4 2018 update letter, released January 30, Tesla suggested Nevada: "Additionally, this year we will start tooling for Model Y to achieve volume production by the end of 2020, most likely at Gigafactory 1".

It doesn't have falcon-wing doors.

Ramsey, though, remains skeptical about whether the company will have adequate manufacturing capacity for the Model Y. He expects the Model Y's journey to the mass market to provide another wild ride for the company, its investors and customers.

Tesla has enjoyed little competition so far for its sedans, but competition for electric SUVs is heating up as Tesla tries to master a new set of economics from the luxury line that made its reputation.

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