Elon Musk has announced that the new Tesla Model Y will be unveiled at an event on 14 March.

The fifth different Tesla to be launched, Model Y is a smaller SUV to slot in underneath the Model X, although it won't have a lot in common with that model.

Model Y will be available in quantity in 2020 and will be built at Tesla's Gigafactory near Reno, Nevada, USA. 

Naturally, Musk made the proclamation via Twitter, where he added some details, too, including that the reveal would take place at the Design Studio in Los Angeles. 

He also said the new model would be around 10 percent more expensive than Tesla's Model 3 as it's around 10 percent bigger. Fairly simple. The Model Y apparently shares a lot of parts - 75 percent - with the Model 3, which also went on sale last week. The Model Y name has been around for a few years but has clearly been the source of some debate.

In 2017 it was reported that Musk was debating whether or not to put the Model Y on the same platform as the Model Y. 

Musk also added the new vehicle would have a little less range than the Model 3 as it has the same battery - presumably, the Model Y is heavier than the Model 3. 

Tesla will announce detailed pricing and specs on 14 March as well. The Model Y won't be the only new Tesla this year - we are also expecting Tesla to announce a pick-up truck in the coming months, too. 

The announcements come hot on the heels of Tesla deciding to close many physical stores in favour of online-only sale sales in future.