Tesla to unveil Model Y SUV on March 14, says Musk

Tesla will unveil its Model Y on March 14 at an event in LA Design Studio in Los Angeles, Chief Executive Elon Musk has said.

"Model Y, being an SUV, is about 10 percent bigger than Model 3, so will cost about 10 percent more & have slightly less range for same battery," Musk said in a tweet on Sunday (local time).

The Shanghai Gigafactory, based in eastern China, aims to manufacture Model 3 and Model Y cars, with annual capacity of 250,000 vehicles, reports Reuters.

Tesla earlier this week offered a $35,000 version of its Model 3 sedan and said its global sales would now be online-only, steps designed to increase demand and cut overhead costs for the electric vehicle maker.