Tesla just introduced its latest electric vehicle, the Model Y, a crossover SUV that will cost from $39,000 to $60,000 depending on configuration.

The Model Y is about 10 percent bigger than the Model 3, seats seven, features a panoramic glass roof and 66 cubic feet of cargo space, Tesla CEO Elon Musk said, showing off a Model Y prototype at the Tesla Design Center in Hawthorne, California on Thursday night.

The company plans to produce four different versions of the new SUV including:

A standard-range Y, which gets up to 230 miles of range, has a top-speed of 120 miles per hour and costs $39,000 (to be delivered in the spring of 2021)

The long-range Model Y which gets up to 300 miles of range, has a top-speed of 130 miles per hour and costs $47,000 (to be delivered fall of 2020)

The dual-motor all wheel drive Model Y which gets up to 280 miles of range, has a top-speed of 135 miles per hour and costs $51,000 (to be delivered in the fall of 2020)

And the performance Model Y which gets up to 280 miles of range, has a top speed of 150 miles per hour and costs $60,000 (to be delivered in the fall of 2020)

Demand for sport utility vehicles in the United States has been high over the past few years. New models have flooded the market, looking to unseat best-sellers like the Toyota RAV 4, Nissan Rogue or Honda CR-V.

Tesla hasn't offered a new SUV to tap into that demand since it began producing its Model X vehicles in 2015. The X features falcon-wing doors, which delighted some drivers but repelled others. The Model Y ditches this feature.

According to Musk, however, the Model Y will share about 75 percent of its components with the company's Model 3 electric sedans, allowing Tesla to start manufacturing the new SUV for far less money that it spent to begin producing the Model 3.

Auto-makers typically share parts across new models, and sometimes build different models on shared assembly lines. This helps them control costs and get new vehicles to the market relatively quickly.