Tesla steps into hottest auto segment with Model Y debut Thursday

is about to dive into one of the hottest segments in the automotive market with the long-awaited debut of its Model Y crossover utility vehicle at its design studio in Los Angeles on Thursday night.

CEO has talked about releasing a crossover for years, but he‘s kept the electric-car maker tightly focused on ramping up production and distribution of its popular Model 3 premium sedan for the mass market. The Model 3 is Tesla‘s first foray into vehicles priced well below the company‘s high-end Model S sedan, with a base price of $69,250, and Model X SUV, which starts at around $78,450.