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Tesla to begin investing in the Model Y later this year

Tesla Model Y

Tesla’s earnings report yesterday was something of a mixed bag. While the company posted its largest quarterly loss in history, the good news is that the loss wasn’t quite as steep as analysts on Wall St. were anticipating. What’s more, Tesla’s financials indicate that interest in the Tesla Semi and next-gen Roadster is incredibly strong. More importantly, Tesla’s production timeline with respect to the Model 3 was not pushed back yet again.

As for other points of interest, Elon Musk during Tesla’s earnings conference call yesterday shed some new light on the Model Y, a crossover version of the Model 3 that Musk has been teasing for quite a few months now. According to Musk, Tesla will begin investing in the Model Y later this year.

“We are going to make some capital investments towards the end of this year related to Model Y,” Musk explained. “I don’t want to jump the gun on those, but I think we’ve got a good plan. I’m pretty excited about how we’re designing Model Y. It’s really taking a lot of lessons learned from Model 3 and saying how do we design something to be easy to…”

This of course sounds great, but if we’re being honest, Musk said the same exact thing about the Model 3 in the weeks and months before production on the company’s mass market EV began.

“I really think it’s going to be pretty great and pretty scalable for Model Y,” Musk explained, “but we are going to, as you suspect, need to make some capital investments in the second half of this year, really late Q3, Q4 for Model Y.”

Musk later added that the company will announce additional details regarding its plan with the Model Y within the next six months.

Also of note was a comment from Musk regarding Tesla’s previously stated and arguably outlandish goal of manufacturing 1 million vehicles per year by 2020.

When asked if the 1 million target was “still in play,” Musk quickly responded in the affirmative.

Yoni Heisler has been writing about Apple and the tech industry at large for over 15 years. A life long Mac user and Apple expert, his writing has appeared in Edible Apple, Network World, MacLife, Macworld UK, and TUAW. When not analyzing the latest happenings with Apple, Yoni enjoys catching Improv shows in Chicago, playing soccer, and cultivating new TV show addictions.