In early May, Musk said during the company's first-quarter earnings call that the Model Y will arrive by either late 2019 or 2020.
Musk has kept mum on most other details pertaining to the upcoming vehicle, but he has said that it will be a compact SUV and that it will be built on a separate platform than the Model 3.
Tesla has not shared a price range for its upcoming compact SUV. However, given it already sells a luxury SUV, the Model X, and that the company wants to target the mass market, it's likely the upcoming SUV will have a more competitive price tag.
Also, considering General Motors already sells its all-electric SUV crossover, the Chevy Bolt, for $37,500 before tax incentives, it would make sense for Tesla to price the Model Y in the same ballpark.
However, there's always the possibility that Tesla could make the Model Y a cheaper version of the Model X, similar to the BMW X3, which begins pricing at about $40,000.