Tesla unveils Model Y, set to launch in 2020

Electric Vehicle (EV) maker has unveiled its mid-size electric SUV, the Model Y, slated to be launched in 2020.

This is Elon Musk's fifth vehicle to hit the roads. The long range version of the Model Y would travel 300 miles on a single charge and will sell for $47,000 while the $60,000 performance version would be capable of sprinting from 0 to 60 mph in 3.5 seconds.

"Like Model 3, Model Y requires no keys, but instead connects to your smartphone for seamless entry and exit, with a single 15-inch touchscreen interface inside for all of the car's controls. Model Y also connects with the Tesla Mobile app for unique, easy-to-access features like remote unlock, Summon, remote pre-conditioning, location tracking, Speed Limit Mode and much more," the company said in a statement on Friday.

The SUV is roomier than a Tesla Model 3 and can seat seven.

The EV maker would also sell an all-wheel-drive dual motor version for $51,000 along with a performance version for $60,000 -- both of which would be available in the autumn of 2020.

The cheaper, standard range version with a range of 230 miles won't be available until 2021, Musk said. It would sell for $39,000.

The vehicle is designed to be the safest mid-size SUV. Built from the ground up as an electric vehicle, the low centre of gravity, rigid body structure and large crumple zones provide unparalleled protection, the company added.

The EV maker recently introduced the long-promised $35,000 "standard range" Model 3 but the release was overshadowed by Tesla's decision to close most of its stores and shift to online sales in order to cut operating costs.