Internationally renowned electric vehicles designer, producer and developer, Tesla Motors Inc, has verified reports that it will build a new SUV, called the Model Y. CEO of Tesla, Elon Musk, announced the development of the car via a Tweet. It has been reported that it will be a compact SUV. Musk first suggested that the firm would build a new SUV just a few weeks ago (in the second part of his master-plan.)

Details regarding the Model Y EV are yet to be released. Tesla also recently announced that it was planning to build an electric van. Earlier in 2016, on the 31/03/2016, Tesla Motors Inc unveiled the Model 3. The Model 3 is the company’s first automobile aimed at the mass market. It has a starting price of just $35,000 (before any government incentives), making it much more affordable than other Tesla models.

The unveiling of this EV greatly diversified the firm’s product mix, and the new Model Y will further increase their market exposure.

A page on the car maker’s official site provides more info on the Model 3. It reads “Model 3 combines real world range, performance, safety and spaciousness into a premium sedan that only Tesla can build. Our most affordable car yet, Model 3 achieves 215 miles of range per charge while starting at only $35,000 before incentives. Model 3 is designed to attain the highest safety ratings in every category.”

On the 01/08/2016, Tesla and SolarCity announced that they had reached a merger deal, worth around $2.6 billion. Musk owns around 20% of both firms, and he is trying to combine them to produce a market leading firm in the clean tech sector.

As trading stopped on the 02/08/2016, a share in Tesla Motors Inc was valued at $227.20, down by 1.22%, or $2.81. The corporation has a market cap of $32.47 billion.