Unveiling the new mid-sized SUV at a presentation, Musk said the new model will not only be built in the United States, but also in the massive new plant in Shanghai.

Tesla's Model Y is displayed at Tesla's design studio Thursday, March 14, 2019, in Hawthorne, Calif. The Model Y may be Tesla's most important product yet as it attempts to expand into the mainstream and generate enough cash to repay massive debts that threaten to topple the Palo Alto, California, company. [Photo: AP/Jae C. Hong]

"We have a great team in China. (The new Shanghai plant) is going to be really important for making affordable versions of the Model 3 and Model Y for the greater China market," he said.

Musk also confirmed that the new plant, which the company broke ground on earlier this year, is on track to be completed by the end of the year. The plant will initially build just Model 3 sedans before adding Model Y production.

The new facility is larger than the company's current production site in Fremont, California, and the Gigafactory near Reno, Nevada. This will allow for plenty of room to build the two vehicles.

The Model Y will initially only be offered in the "long-range" configuration. It will travel 300 miles (about 482.8 km) on a single charge. It will also race from 0 to 60 mph (96.6 kph) in 5.5 seconds and have a top speed of 130 mph (209.2 kph). It will cost 47,000 U.S. dollars and allegedly be available in fall 2020.

There will be three other versions of the SUV, including the "standard-range" model. It will cost 39,000 dollars and will be available in spring 2021.

There are two other models: a dual motor all-wheel drive version and a "High-Performance" version. They will cost 51,000 dollars and 60,000 dollars, respectively.