Tesla (TSLA) investors will have their eyes trained on Hawthorne, CA Thursday night at 8 pm ET when Elon Musk and company will unveil Tesla’s newest model, the Model Y.

Some Wall Street analysts are saying the Model Y could be a major bullish catalyst for the stock. Unfortunately for Tesla investors, no matter how amazing the Model Y is, Tesla’s share price is tied to Model 3 demand for now.

What To Expect

The Model Y will be Tesla’s new compact SUV. Although details on the design are fuzzy, the Model Y is expected to be significantly more affordable than Tesla’s Model X SUV, which retails at around $82,000. Musk has said the Model Y will be about 10 percent larger than the Model 3 and will be about 10 percent more expensive, suggesting prices will start in around the $40,000 range.

At tonight’s event, Tesla investors will be watching for pricing details, design features, technical capabilities and, perhaps most importantly, the timing of the vehicle’s production. Musk has said Model Y production won’t hit high volume until late in 2020. However, Musk and Tesla have earned a reputation for overly optimistic timelines in the past.

Musk also seems to have an extremely optimistic view of Model Y demand. He has said Model Y demand could eventually double demand for the Model 3 sedan.

All About The Model 3

Wedbush analyst Daniel Ives says the Model Y could be a “game-changer” for Tesla. But for now, Tesla is all about the Model 3.

“Over the next three years we believe Model Y units could approach 15%-20% of overall units with Model 3 continuing to be the hearts and lungs of the Tesla growth story over the coming years globally,” Ives says.

Ives has an “outperform” rating and $390 price target for Tesla stock.

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