Musk announced that pre-orders for the vehicle are open right now. The CEO also said that the Model Y should be coming off production lines in 2019. Tesla has had difficulty in the past delivering its EVs within its own announced timelines. So, it's a good idea to remember that if you happen to be one of the folks plunking down deposits for the first Model Y crossovers, it might be late showing up in your garage.

Still, the company expects the Model Y to do well. During a conference call with investors back in January, Musk said he expects demand for the Model Y to be larger than that for the Model 3. Judging on US SUV sales overall, he might be right.

While the Model 3 has largely been a sales success for the company, it's also a sedan and that segment hasn't been doing particularly well over the past few years with consumers opting for SUVs at an increasing rate. The Model Y gives Tesla the opportunity to tap into that growing market. Sure the Model X is an SUV, but its high price put it out of the reach of regular folks looking for an electric crossover. There's also those doors.

The latest Tesla (like all their cars) is quick. The dual-motor performance Model Y will do zero to 60 in 3.5 seconds while the dual-motor long-range Model Y will cover that in 4.8 seconds. The single-motor rear-wheel drive long-range version will hit 60 miles per hour in 5.5 seconds.

With the Model Y, Tesla has finally unveiled the last vehicle in its "S3XY" roadmap. Get it; Model S, Model 3, Model X and Model Y? Yeah.