Tesla will finally unveil its new Model Y crossover SUV

After rumors and a long wait, Tesla will finally unveil the Model Y.

Elon Musk tweeted on Sunday that the company would launch the crossover SUV on Mar. 14 at its LA Design Studio in Hawthorne, California, making it the company's fifth model.

The Tesla CEO said the Model Y will be about 10 percent larger than the Model 3, and will cost about 10 percent more.

It'll also have slightly less range, as it'll share the same battery as the sedan. Additionally, 75 percent of the Model 3's build and design will be shared with the Model Y, and the crossover SUV will be built at at Gigafactory 1 in Nevada.

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You can also expect the Model Y to look similar to the Model 3, albeit with a hatchback design.

The crossover SUV will also feature regular doors, rather than the vertically opening falcon-wing doors which feature on the Model X — Musk once posted and deleted a tweet saying the design would be implemented into the Model 3 and Model Y.

More specs and pricing detail will be provided at the event. The Model Y's unveil comes after Tesla finally released its $35,000 Model 3 last week, a price point that Musk has been promising for years.

On Sunday, Musk also added Tesla would look to unveil its Semi truck later this year, but a prototype was already spotted undergoing testing around Salt Lake City in Utah last year.

Even though the Model Y is around the corner, it's the forthcoming truck which really tickles Musk's fancy.

"Personally, I’m most excited by the Tesla Truck. Maybe it will be too futuristic for most people, but I love it," he tweeted.