It has been a busy start to an important year for Tesla, and the Silicon Valley automaker is continuing full steam ahead with the reveal of its upcoming crossover SUV. CEO Elon Musk confirmed the car will be unveiled at an event in LA next week, with technical details to be divulged on what will become the company's fifth all-electric vehicle.

Not a great deal is known about the Model Y at this point, only that it will be an all-electric compact SUV based on the same chassis as the company's Model 3. Perhaps unsurprisingly, we can expect it to be a little larger than the mass-market sedan, around 10 percent larger, Musk stated today. This means it will cost around 10 percent more and have slightly less range with the same battery.

Musk says that further specs and pricing details will be offered at the launch event on March 14 at Tesla's design studio in LA. Another 10 percent on top of the price of the US$35,000-standard range Model 3 would put it around the $38,500 mark.

Tesla finally reached its long-promised price point for the Model of $35,000 last week, a move that coincided with its decision to shut down the majority of its retail stores and shift all sales online. This, the company claims, was essential for it to remain "financially sustainable" as it funds big moves into China and Europe.

Musk said today that the launch event will include test rides of the Model Y, suggesting that the company is some ways along in production of the car. He also stated that Tesla is preparing to launch V3.0 of its fast-charging Supercharger Station this coming Wednesday.