Tesla CEO Elon Musk has revealed details about the Tesla Model Y's price. Apparently, it will be a bit more expensive than the Model 3. Here's what we know about the Model Y crossover SUV's price.

Musk revealed on Twitter that the Model Y is going to be 10 percent more expensive than the Model 3 electric sedan. According to the official Tesla site, Model 3 prices start from $26,950 up to $49,950. Based on Musk's confirmation, the Model Y will be $2,695 for $4,995. More than the additional price, the Model Y is also expected to have less mileage compared to the Model 3 due to its larger size as an SUV.

However, this price range is mostly based on Musk's words and their official site. To find out the Model Y's true price, we'll have to wait until the Model Y unveiling this coming March 14. The full details of the vehicle, including its features and its actual price, will be revealed in this event.

Despite no confirmation on the price yet, the Tesla Model Y is expected to be an affordable SUV as the company intends to beat the top 1 SUV in the American market, the Toyota Rav-4. The Rav-4 is known for its features and affordability at $45,000 which made it a popular pick.

Aside from the Rav-4, the Tesla Model Y's competitors also include vehicles from other companies entering the electric SUV market. The Byton M-Byte and the Porsche Macan are entering the market this year and could be worthy rivals to the Model Y in terms of their features and price.

tesla loses to general motors
Tesla Reuters

Aside from the Model Y, Tesla is also planning to release an electric pickup truck and the Tesla Semi soon. The electric pickup truck is expected to be unveiled later this year, while the Tesla Semi will mostly be for large private company and government use due to being an electric delivery truck.

For now, we'll have to wait for a few more weeks to know more about the Model Y.

This article was first published in IBTimes US. Permission required for reproduction.