SAN FRANCISCO: Tesla Inc unveiled its Model Y electric sports utility vehicle on Thursday evening in California, promising a much-awaited crossover that will face competition from European car makers rolling out their own electric rivals.
Musk unveiled the vehicle at a short 40-minute event at Tesla's design studio in Hawthorne, outside Los Angeles, that was streamed live online. On Thursday, ratings company Fitch warned that, despite Tesla's early lead,"incumbent carmakers have the ability to catch up ... thanks to their capacity to invest and their robust record in product management."Tesla's targeted volume production date of late 2020 for the Model Y would put it behind electric SUV offerings from Volkswagen AG's Audi, Daimler AG's Mercedes-Benz and BMW.
That plan - later scrapped - ushered in a period of turmoil at the company, from Musk's public battles with regulators, a flurry of securities lawsuits, cost cutting and layoffs.
Source: Energy Industry News (energyindustrynews.net)
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