"'Model Y' unveil event on March 14 [will be held] at the LA Design Studio. Detailed specs and pricing will be provided, as well as test rides in Y," Musk tweeted on Sunday.
Tesla's LA Design Studio is adjacent to Musk's rocket company - SpaceX in Hawthorne, California.
"'Model Y', being an SUV, is about 10 percent bigger than Model 3, so will cost about 10 percent more and have slightly less range for same battery," he further tweeted.
In response to questions from some of his 25 million followers on Twitter, he confirmed that the new vehicle would have "normal" doors rather than the complex and troublesome "falcon wing" variety used on the "X" model, a report by Forbes noted.
This announcement comes after Musk recently declared his plans of selling a base version of the "Model 3" electric sedan for $35,000.
Musk also said that "Y" would closely resemble Model 3, without providing any image, the Forbes report added.