Tesla CEO Elon Musk said he expects the new Model Y SUV to outsell the Model S, Model X, and Model 3 combined.
"I think it's really compelling.
I'm confident that of any mid-sized SUV, it will be the one you want," Musk said at the Model Y unveiling event in Hawthorne, California, on Thursday evening.
Customers can place their orders on the company's website for a deposit of $2,500.
In a note to clients earlier this week, Goldman Sachs analysts said that the Model Y could put further pressure on the Model 3.
"While the unveil of the Model Y could drive incremental reservations— given a much larger global market for crossovers than sedans — and help cash balances given likely deposit collection, this new product could further weigh on Model 3 demand as consumers decide to wait a little longer to purchase a Tesla crossover vehicle (a segment that has seen significant increases in demand across the major auto markets the past few years)," Goldman analysts said.