The China-made Model Y electric car is expected to start production at the Shanghai plant in 2021, according to Tesla's financial report released on Wednesday.

Model Y has been put into production ahead of schedule at the Fremont plant in California, USA, and the plant will begin delivering Model Y at the end of the first quarter of 2020.

By mid-2020, when the expansion is completed, the Model 3 and Model Y assembly capacity at the Fremont plant in California should reach 500,000 vehicles per year.

The Berlin / Brandenburg plant in Germany is expected to deliver the first vehicle products by 2021.

At the delivery ceremony of the China-made Tesla Model 3 on January 7, Tesla announced the official launch of the China-made Model Y project.

Model Y is a 7-seater SUV with a standard range of 230 miles. The delivery time was previously expected in the spring of 2021.

Musk said Model Y will use more advanced manufacturing technologies. Because some consumers prefer SUVs, Model Y will give consumers better experience, he said.

Model Y steady sales in China will exceed 400,000 units in the future, which will further increase supply chain shipments based on Model 3, Song Shaoling, chief analyst of CITIC Securities' new energy automotive industry, said in a note earlier this month.

The price of Tesla's new SUV Model Y in China has been announced with its three versions priced from an estimated CNY 444,000-535,000.