Tesla has confirmed that Model Y production is head of its previously announced timeline. They now aim for the start of production during summer 2020.
In March, Tesla unveiled the Model Y, an all-electric crossover based on Model 3, with up to 300 miles of range.
The automaker said that it plans to bring the vehicle to production in fall 2020.
We recently learned that Tesla is working on a fifth assembly line at the Fremont factory as the automaker is preparing the production of its fifth electric vehicle.
With the release of its Q3 2019 financial results, the automaker announced that the preparations for the start of production are moving faster than anticipated:
Model Y equipment installation is under way in advance of the planned launch next year. We are moving faster than initially planned, using learnings and efficiencies gained from our Gigafactory Shanghai factory design.
Tesla confirmed that they are moving the timeline from fall 2020 to summer 2020:
We are also ahead of schedule to produce Model Y and now expect to launch by summer 2020.
The automaker also claimed that its capital required to deploy Model Y production is about 50% lower than Model 3:
Capex per unit of capacity is forecasted to be about 50% lower than our current Model 3 production system in the United States.
Tesla had previously said that the Model Y production program is going to require a much lower capital investment than Tesla’s previous programs due to efficiency improvements and the new crossover SUV sharing 70% of its parts with the Model 3.
Over the last month, Tesla appears to have started its Model Y test program on public roads, as several sightings have been reported.
Most recently, we reported on a Tesla Model Y prototype being spotted with its hatch opened next to a Model 3.
You can read our Tesla Q3 2019 earnings post for more news coming out of the earnings.
FTC: We use income earning auto affiliate links. More.