Tesla Inc will unveil its Model Y on March 14 at an event in LA Design Studio, Chief Executive Elon Musk said on Sunday, March 3, according to Reuters.

"Model Y, being an SUV, is about 10 percent bigger than Model 3, so will cost about 10 percent more & have slightly less range for same battery," Musk said in a tweet.

The Shanghai Gigafactory, based in eastern China, aims to manufacture Model 3 and Model Y cars, with annual capacity of 250,000 vehicles.

Tesla earlier this week offered a $35,000 version of its Model 3 sedan and said its global sales would now be online-only, steps designed to increase demand and cut overhead costs for the electric vehicle maker.