Elon Musk and Tesla have officially unveiled their latest electric car. Musk showcased the crossover SUV Tesla Model Y at Tesla's design studio just outside Los Angeles on Thursday. The new Tesla, which is due 2020, might look familiar to Tesla fans because it's very similar to the previously released Model 3.

Model Y is set to be bigger than Model 3 with space for up to seven adults, sporting an optional third seating row, but it's still smaller than Model X. "It has the functionality of an SUV, but it will ride like a sports car,” Musk explained. “So this thing will be really tight on corners.” There's set be to four different versions of Model Y: The $47,000 long-range model comes next year, followed by an all-wheel drive dual-motor version for $51,000 and a performance version for $60,000. The latter two models will also arrive sometime in fall 2020.

Musk also promised there will be a stand range version available sometime in 2021, retailing for $39,000. The Model Y will certainly help Tesla achieve their long-promised goal of 1 million Teslas produced by 2020. On social media, Tesla teased the panoramic glass roof on the Model Y.

The Tesla Model Y is now available to design and order here.