Tesla launches new Model Y to enter SUV market

Tesla has officially launched its second mass-market car, the Model Y. 

The electric vehicle was unveiled in Los Angeles on Thursday with the company announcing that the first release will be a long-range version at a price of $47,000 (£35,489). 

It will be able to travel up to 300 miles before it needs recharging, whereas the standard-range version, set for release by 2021, will have a range of 230 miles. 

Chief executive Elon Musk confirmed the standard-range car would be more affordable at a price of $39,000. 

It comes after a challenging period for Tesla leading on from the launch of the Model 3 in 2017 – the cheapest car in the range. 

The company has suffered from production issues and threatened job cuts at the start of the year only to change its stance, while Musk has also been embroiled in controversy for tweeting about taking the firm private.

The Model 3 was originally priced at $50,000 but has now been reduced to $35,000. 

Model Y is 10 per cent bigger than the Model 3 but will have many of the same features, while Model X is a more expensive version of Model Y and comes with a price tag of $79,500.