Tesla Model Y debuts in California with $39,000 base price

The Tesla Model Y was revealed on Thursday night, marking the company's next step toward becoming a full-line automaker with its first entry in the popular small utility vehicle segment. CEO Elon Musk emceed the event at Tesla's design studio in Hawthorne, Calif.

The midsize SUV features seating for five to seven passengers and up to 300 miles of range in its $47,000 Long Range model. Looking all the world like a crossover version of the Model 3 that it's based on, it will eventually be offered in an array of models similar to the sedan's, from a $39,000 standard edition to a performance version that can accelerate to 60 mph in 3.5 seconds and costs $60,000.

The high-end models are scheduled to launch next fall, with the standard version following in the spring of 2021. Reservations are now being accepted for the Long Range Y and above with a $2,500 deposit.

Along with the powertrains, the Y features the same technology as the 3, including its multi-functional 15-inch display and the hardware needed to enable its evolving suite of active driver aids, which today can self-steer the vehicle on some roads and perform a variety of parking maneuvers.

With production planned for the U.S. and China, Tesla Musk predicted that the Model Y would soon outsell the rest of the company's cars combined.

This is a developing story, check back for updates