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The market is going insane for crossovers, particularly mid-sized crossovers, and that is right where the Model Y fits.

Another shot of the Model Y can be seen below.

Three years later, affordable long-range electric vehicles no longer have such a pent-up demand.

As it stands now, for the rear-drive Long Range spec Model Y, you're looking at a starting price of $47,000.

So will what appears to be an apples-to-apples translation of the Model 3 to crossover form be enough?

Musk has been under fire in recent months for his behavior, his picking fights with the SEC, and the production challenges that have faced Tesla, but taking a step back, it is hard even for the more cynical among us not to be genuinely impressed with what Musk and Tesla have achieved.

The interior, which is highly reminiscent of the Model 3's, comes black as standard, but for US$1,000 Tesla will make it black and white, with white seats and white dash trim. The cheaper, standard-range version, which will be able to go for up to 23-miles before needing charged will follow-on in 2021 and will cost $39,000. The range after the relatively realistic EPA evaluation is expected to be 230 miles (370 kilometers).

Like the Model 3, it will accelerate from zero-to-60-mph in as quickly as 3.5 seconds. Top speed is listed as 120 miles per hour for the Standard Range, up to 150 miles per hour for the Performance.

Tesla Reveals Model Y ‘Baby SUV’ Tonight: How To Watch Live
Tesla unveils new Model Y compact SUV set to release in fall 2020

"It has the functionality of an SUV, but it will ride like a sports auto", Musk said at the launch event in Los Angeles. The new SUV also has a 0.23 drag coefficient that should make it quiet and efficient on the highway relative to other models in the class.

10 per cent bigger than the Model 3, the Y can fit up to seven people and has 66 cubic feet of cargo space.

Inside you'll find accommodations not unlike the Model 3 saloon, with a minimalist dash met with the large centre-mount infotainment touchscreen that pretty much controls everything, including the optional Autopilot system. Just like Model X, it also gets panoramic sunroof. It will travel 300 miles (about 482.8 km) on a single charge. The mass-market vehicle will have a base price of $39,000 and a 230-mile battery range. "This timing likely implies the company is postponing the costly Model Y ramp in 2019 to conserve cash", Munster wrote in a note.

Over the next few years, we saw the Tesla Model X and the Model 3 get launched, covering the other price points.

I sat down to watch the Model Y unveiling tonight with a list of questions that I was hoping to get answers to from a business perspective. Production is slated to begin near the end of 2020 in Tesla's Gigafactories in Shanghai, China, and Reno, Nevada.

Plenty has been made of the fact that Tesla is tackling a huge potential market with the Model Y. Crossovers and small SUVs are big business right now, and Elon Musk & Co. are fully aware that the demand for a more affordable vehicle than the Model X - but with similar SUV-esque styling cues - is considerable.

There are four variants in the Model Y lineup.