The firm's CEO Elon Musk has confirmed the new automobile will arrive in less than two weeks and will be unveiled at their design studio in Los Angeles.
The billionaire businessman tweeted: "Model Y unveil event on March 14 at LA Design Studio."
Musk will announce the specifications for the SUV and pricing at the launch.
He added: "Detailed specs & pricing will be provided, as well as test rides in Y."
It was previously revealed that the Y shares 75 per cent of the parts of the Model 3 - which is Tesla's budget car -
The new vehicle is the fifth to come out of Tesla since the company was founded 16 years ago.
Model Y has been teased since the first promo image was unveiled back in 2017.
Musk had claimed he'd hope to get the car on the market by 2020 and hailed it a "manufacturing revolution".
The new addition to the Tesla family will be the first to be launched after Robyn Denholm was named the company's new board chair.
The Australian business executive, who has been a board member for almost five years, replaced Musk in the role.
Commenting on the news, he tweeted: "Would like to thank Robyn for joining the team. Great respect. Very much look forward to working together."
The appointment of Robyn came after Musk claimed it takes "100-hour weeks" to run Tesla.
He admitted it has become increasingly "difficult" to maintain production with the pressure of having to manufacture 5,000 Model 3 cars per week.
He said: "There were times when, some weeks ... I don't know. I haven't counted exactly, but I would just sort of sleep for a few hours, work, sleep for a few hours, work, seven days a week.
"It is incredibly difficult to survive as a car company. Incredibly difficult. People have no idea how much pain people at Tesla went through, including myself. It was excruciating."