The Tesla CEO took to Twitter to announce the launch date of the Model Y, as well as new details about the vehicle.
"Model Y unveil event on March 14 at LA Design Studio," he tweeted. "Model Y, being an SUV, is about 10 per cent bigger than Model 3, so will cost about 10 per cent more and have slightly less range for same battery... Detailed specs and pricing will be provided, as well as test rides in Y."
Mr Musk had previously joked that the Model Y would be unveiled on 15 March because "the Ides of March sounded good", while Chinese media has speculated the event would take place at the Shanghai Auto Show in April.
His posts generated thousands of replies from electric vehicle enthusiasts excited by the new product category, though Mr Musk suggested the launch event for the Tesla Truck later this year will be more groundbreaking.
"Personally, I'm most excited by the Tesla Truck," he wrote. "Maybe it will be too futuristic for most people, but I love it."
The Model Y will be Tesla's first new product announcement in 17 months and forms part of Mr Musk's "master plan" that he unveiled in July 2016.
This plan involves offering Tesla customers a greater variety of transport options by moving beyond cars and addressing all major segments of the market.
Last May, the Tesla boss described the Model Y as a "manufacturing revolution" in an earnings call with investors, adding that it was "incredible from a manufacturing standpoint".
Around three quarters of the Model Y's parts will be borrowed from the Model 3, which is currently Tesla's most affordable vehicle.
The latest announcement comes just a few days after Mr Musk finally delivered on his promise that a version of the Model 3 would be available to purchase from just $35,000.
In order to make this economically viable, Tesla has been forced to close many of its retail stores around the world and adopt an online-only sales strategy.
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