The Chief Executive Officer of Tesla, Mr. Elon Musk posted a tweet on Sunday about the fact that Tesla would be unveiling their Model Y in the LA, California area on the 14th of March. Elon Musk’s tweet was undeniably confirmed by the announcement made back in the year 2015 about the general concept regarding their Model Y.
Musk follow-up tweet stated that the new and latest Model Y would be an SUV, which would be around 10 percent larger than the previous model, Model 3, This SUV is thus likely to cost 10 percent lesser but it has a slightly lower range with the same battery.
In the fourth quarter and full year reports by Tesla, Mr. Elon Musk stated that their Model Y is likely to be cheaper as it would be utilizing 75 percent of the components which were used for the Model 3 by Tesla incorporation. Musk also said that he expects high volume production of the Model Y to ramp up by the end of 2020.
Tweet by Musk about the Model Y unveiling comes shortly after the U.S. Securities and Exchange Commission questioned Musk over the tweet about 500 thousand cars in a year.
The SEC declared that Elon Musk’s tweet for being completely inaccurate, this was followed by a tweet from the Chief executive officer at Tesla, Mr. Elon Musk’s tweet saying: “annualized production rate at end of 2019 probably around 500k, i.e. 10k cars/week. Deliveries for a year still estimated to be about 400k.”
The Securities and Exchange Commission wrote in the quote filing that: “Musk did not seek or receive pre-approval prior to publishing this tweet, which was inaccurate and disseminated to over 24 million people,”
Musk replied back to the tweet saying: “SEC forgot to read Tesla earnings transcript, which clearly states 350k to 500k. How embarrassing …”
The Tesla incorporation was interrogated in the second half of the previous year as the CEO planned to make the company private, the firm abruptly changed their mind almost a month of making this announcement.