Tesla Says Model Y Will Launch Slightly Ahead Of Schedule

Tesla has announced that it will be able to commence production of the Model Y a touch earlier than expected on the back of a strong quarter.

When the electric car manufacturer unveiled the Model Y earlier this year, it promised to start production in the fall of 2020. That date has now been pushed forward to next summer.

“Model Y equipment installation is underway in advance of the planned launch next year. We are moving faster than initially planned, using learnings and efficiencies gained from our Gigafactory Shanghai factory design,” Tesla explained.

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Production of the Model Y will initially take place on a fifth assembly line at the car manufacturer’s Fremont factory in California. At a later date, it will also be built at the new Gigafactory 3 in Shanghai, China. Prototypes of the Model Y have recently been filmed testing throughout the United States and Canada.

In addition to announcing that the Model Y will land earlier than expected, Tesla announced $6.3 billion in revenue in Q3 2019 as well as a $383 million increase in cash and cash equivalents to $5.3 billion. It has also commenced trial production of the Model 3 at Gigafactory 3.

Tesla also says it is in the final selection process in choosing a location for a Gigafactory in Europe. This facility will join the Fremont and Shanghai factories in building both the Model 3 and Model Y, with production tipped to start in 2021. Finally, the EV maker also plans on building “limited volumes” of the Semi truck in 2020.