Here's where to watch Tesla's live announcement: the live stream will be available on Tesla's website, either directly on the main page, or through the Events & Presentations section on the Investor Relations page.
Earlier this month Tesla announced that it would be closing the majority of its brick and mortar stores worldwide in order to afford the $US35,000 price tag on the new Model 3, as well as keep the company "financially sustainable".
Tesla talked about a $35,000 Model 3 three years ago, but while it delivered its first Model 3s in the summer of 2017, the cheapest versions typically cost in the mid-$40,000. Like the Model X, there also appears to be a small spoiler.
"Model Y, being an SUV, is about 10 per cent bigger than Model 3, so will cost about 10 per cent more & have slightly less range for same battery", he said.
The Y won't feature the fantastic "falcon wing" doors of the X, according to Elon Musk, but it will be about 10 percent larger than the Model 3 sedan and sold for about 10 percent more.
Tesla has previously revealed only shaded computer renderings of the Model Y. If it wasn't for that legal threat, Tesla's lineup would have included the Model S, Model E, Model X and Model Y - i.e., SEXY.
With hours to go until the Tesla Model Y is given its formal debut, the electric vehicle maker has teased its second crossover on Twitter. Compact SUVs are the largest vehicle segment and is 50 percent larger than the next-largest segment. It will share 75 percent of its components with the Model 3.
China's General Administration of Customs stopped clearing Tesla Model 3 imports last week, saying they did not have the required Chinese language warning signs and had missing or incorrect nameplate labels. Tesla said it hopes to build 2,000 Model Ys per week by September 2020.