The Tesla Model Y will be unveiled at the automaker’s Los Angeles design studio on March 14th.

Elon Musk made the announcement on Twitter and confirmed that the Model Y will be roughly 10 per cent larger than the Model 3 sedan and cost about 10 per cent more.

The Model Y will act as Tesla’s entry-level SUV and essentially be a smaller version of the Model X. According to those in the know, it will share approximately 75 per cent of its parts with the Model 3 and most likely be offered with the same powertrain configurations as its sedan sibling. Due to its size, the SUV’s range will be slightly reduced over the Model 3.

Tesla says that it will offer test rides in the Model Y during the launch event, and Musk is promising to announce specs and pricing at the SUV’s launch.

The company has been working on the Model Y for a number of years. Musk initially said that the compact SUV would use a bespoke platform and not that of the Model 3, but ultimately they decided to use the entry level sedan’s architecture, most probably to reduce development costs.

Two teaser photos of the Model Y have been released. Both showed the vehicle without wing mirrors, but it remains to be seen if the production vehicle will indeed use cameras rather than traditional mirrors. Either way, it’s not difficult to imagine what a baby Model X will look like.