Tesla Model Y launch price $39K - Completes Tesla's S3XY line up

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Tesla rolled out its new electric SUV Thursday night, and analysts say the Model Y could be the company's most profitable vehicle yet.

As Tesla CEO Elon Musk said, "We are bringing sexy back quite literally", with the mid-size SUV Y completing the Tesla line of Models S, 3, and X.

Some versions will have up to 300 miles of range - which will equate to roughly 480km here in Australia.

Tesla unveiled its Model Y, promising a much-awaited crossover that will face competition from European automakers rolling out their own electric rivals. "This is definitely going to be the year of the solar roof and power wall", Musk said, explaining that Model 3 production challenges prevented the company from spending more resources on solar and battery projects. Up to now, Tesla's only offering in the segment has been the Model X, and while it's a very slick (and absurdly fast) people mover, it's also very expensive.

The covers are officially off, and at first glance the much-anticipated Model Y looks to be a proper contender in the compact crossover market. The Standard Range model comes with 230-miles of charge, 120mph top speed, 0-60mph in 5.9 seconds and a $39,000 price point.

A lot is known about the Model Y thanks to the loose lips of CEO Elon Musk talking about it over the past three years.

Musk had previously joked that after making the Model S and the Model X, he thought it would be "pretty amusing if we had the model E". And finally the Model Y Performance - 4WD, $60,000, 280 miles, 0-60 in 3.5, 150mph, which let's face it, is the one you want.

Some have lamented that due to the fact the Model Y shares 3/4 of its architecture with the Model 3, it may not have the roominess most come to expect in an SUV. The all-new electric auto, based on the Model 3, has now been seen for the first time.

Musk previously said he was planning to build the vehicle at the Nevada Gigafactory, not the Fremont, Calif., plant where the Model 3 was assembled.

The Model Y isn't just a big Model 3, despite sharing a large number of components. The $47,000 Long Range model is projected to go 300 miles on a charge, while the Dual Motor AWD version prices out at $51,000.

The Tesla Model 3 is storming sales charts in Europe a few weeks after its launch. The market is going insane for crossovers, particularly mid-sized crossovers, and that is right where the Model Y fits.

Teased image of Model Y from Tesla Photo: Tesla Inc.

The cheapest version is expected in spring 2021.

Only one of the new models was driven onto the stage, where it shared the limelight with other, older vehicles.