Model Y
Teased image of Model Y from Tesla Tesla Inc.

Tesla CEO Elon Musk will unveil the company’s long-awaited Model Y "baby SUV" at a glitzy event scheduled for 11:00 p.m. ET Thursday at its Los Angeles Design Studio. The event will be live streamed.

Here’s where to watch Tesla's live announcement: the live stream will be available on Tesla’s website, either directly on the main page, or through the Events & Presentations section on the Investor Relations page.

Tesla will begin taking orders for the Model Y shortly after Thursday's reveal. Delivery of this baby SUV to buyers is expected to take a while, though.

A lot is known about the Model Y thanks to the loose lips of CEO Elon Musk talking about it over the past three years. Tesla trademarked the name "Model Y" in 2013, with Musk first describing this SUV in October 2015.

Based on the Model 3 platform, the Model Y is a cheaper, scaled-down version of the Tesla Model X SUV. Musk said the new baby SUV will be 10 percent larger than the Model 3 four-door sedan. The Model Y will also be pricier than the Model 3 by 10 percent, giving it a sticker price of about $40,000.

Musk said more detailed specs and pricing will be available at the Thursday reveal event. Test rides of the Model Y are also in store.

Musk also said the Model Y will be powered by the same battery as the Model 3. The heavier Model Y, however, will have less range because of its increased weight and size.

Tesla is teasing the Model Y with an image of its blacked out silhouette to promote Thursday's reveal.

Analysts said that with the Model Y, Tesla look to dig its claws into the profitable compact SUV segment, which grew by 12.6 percent to 3.5 million SUVs sold in 2018. Compact SUVs are the largest car segment and is 50 percent larger than the next-largest segment.

Model Y
Teased image of Model Y from Tesla Tesla Inc.

The Model Y will slowly begin production early 2019 with it ramping up in late 2020. It will share 75 percent of its components with the Model 3.

This set-up should help the Model Y make it into production quicker and cost less to develop. Tesla said it hopes to build 2,000 Model Ys per week by September 2020.