Tesla unveils new Model Y compact SUV set to release in fall 2020

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Tesla unveiled its highly anticipated new Model Y compact SUV, which CEO Elon Musk said would release in fall 2020.

The Model Y will release at a starting price of $47,000 for the "Long Range" model with a more standard $39,000 model to release in spring 2021, Musk announced in a livestreamed event from the company's Los Angeles Design Studio on Thursday night.

Upgraded dual motor all-wheel drive and performance models will also be available in the fall for $51,00 and $60,000 respectively.

The compact SUV, which Musk compared to a larger version of the company's Model 3 sedan, will have a range of 300 miles, a 0.23 drag coefficient and the capability to increase in speed from 0 mph to 60 mph in 3.5 seconds.

"It has the functionality of an SUV, but it rides like a sports car," said Musk.

It also features a panoramic glass roof, seating for seven people and will come feature complete with autopilot some time later this year.

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