Electric car juggernaut, Tesla, will unveil its fifth car this month according to a tweet from founder, Elon Musk, earlier today.

Due to be unveiled on the 14th of March, the Model Y will be an SUV variant of the company’s Model 3, sharing about 75 per cent of the same parts and is about 10 per cent larger than the latter. With that increase in size comes an increase in price, also by about 10 per cent, Musk says. In other words, you can probably expect to pay between $55,000 to $60,000 for the base model.

The Model 3 is Tesla’s cheapest car, starting at US $35,000, which translates to just under $50,000 AUD.

Of course, more details about the Model Y will be announced at the event, and Musk has already confirmed that test rides will be offered. Not much else is known about the new vehicle just yet, but we do know that it won’t have the Falcon Wing doors available on the Model X SUV and will have slightly less range than the Model 3.

Don’t expect to be able to get one anytime soon, though, as Tesla won’t be producing them at volume until some time in 2020. However, the company just announced that the Model 3 is finally available to purchase, so there’s that.

The news also comes off the back of Tesla’s decision to make purchases online-only, which will lead to huge store closures and staff layoffs across the globe.

While the image at the top of the page is the first and only look we’ve gotten at the Model Y so far, it’s been known about for years. In fact, Musk let it slip in a tweet – as he is wont to do – back in 2015 which was quickly deleted.

Musk is expected to make some other announcements during the event, so keep an eye out for those, as well.

Image: Tesla