Elon Musk says next vehicle to be unveiled later this month

Tesla CEO Elon Musk announced on Twitter that the company’s next vehicle will be unveiled March 14.

The vehicle, currently dubbed “Model Y”, is expected to be an SUV with many of the same underpinnings as its lower-cost sedan, the Model 3.

Tesla has an avid fan base for its cars but it has struggled with production issues. Musk insists the company has learned its lesson and that by using some overlapping technology it can get the product to market faster. Musk recently told investors that the Model Y will share about 75 percent of the same components as the Model 3.

The company has been trying to move beyond its niche as a maker of luxury cars with a wider array of new products.

By Associated Press