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Elon Musk says Tesla's next vehicle to be unveiled later this month

SEC goes after Elon Musk
SEC goes after Elon Musk 00:53

Tesla CEO Elon Musk announced on Twitter the company's next vehicle -- an SUV called Model Y -- will be unveiled March 14.

"Model Y, being an SUV, is about 10 percent bigger than Model 3, so will cost about 10 percent more & have slightly less range for same battery," Musk wrote on Twitter.

The Model Y is expected to share many of the same underpinnings as its lower-cost sedan, the Model 3. That shared technology should help expedite production. Because it's 10 percent bigger than the Model 3, it will cost about 10 percent more, Musk said in a series of tweets. Prices for a Model 3 start around $35,000.

Exact specifications on the newest vehicle will be released at the unveiling.

Tesla has an avid fan base for its cars but it has struggled with production issues for years. Musk insists the company has learned its lesson and that by using some overlapping technology it can get the product to market faster. Musk recently told investors that the Model Y will share about 75 percent of the same components as the Model 3.

The company is also struggling with executive turnover and lower-than-expected profits. Following Musk's recent warning of a "very difficult" time ahead for Tesla, the electric car maker last month reported a much smaller profit for the fourth quarter than it saw during the previous three months. Still, the earnings marked a second consecutive quarterly profit, a first for Tesla since going public.

The company has been trying to move beyond its niche as a maker of luxury cars with a wider array of new products.

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