Tesla shares fall 5 percent after company unveils Model Y

Frederic J. Brown | AFP | Getty Images

Tesla CEO Elon Musk views the new Tesla Model Y at its unveiling in Hawthorne, California on March 14, 2019.

Tesla shares opened down 5 percent Friday morning, hours after the company unveiled the Model Y crossover utility vehicle that some Wall Street analysts are calling ‘underwhelming.’

CEO Elon Musk dove into one of the hottest segments in the automotive market with the long-awaited debut of the Model Y at its design studio in Los Angeles on Thursday night.

“It’s wild to think about, 11 years ago today we’d made literally one car. And a year from now we’ll have made a million,” Musk mused.

The Model Y will cost $39,000 to $60,000 depending on the extras and is about 10 percent bigger than Tesla’s Model 3 mid-size sedan. It features seven seats, a panoramic glass roof and 66 cubic feet of cargo space, Musk said, showing off a Model Y prototype at the Tesla Design Center on Thursday night.

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