At this time, we don't have many specifics regarding the vehicle, but we can infer a lot given comments that Musk has tweeted about the vehicle over the years. It will reportedly share about 75 percent parts commonality with the Model 3 compact sedan, which should simplify production and increase economies of scale. That means that we should see similar powertrain (single-motor/rear wheel drive, dual-motor, all-wheel drive) and battery configurations.
Whether this parts commonality will extend inside to major structures like the dashboard remain to be seen, but it's highly likely that parts like the large central display will be shared.
As for the looks of the vehicle, all we have to go on is the single image (seen at the top of this story) that Tesla teased a while back that barely shows off its front. However, given that it's a crossover, we're expecting increased ride height compared to the Model 3 and a rear hatch that is requisite for crossovers these days. One thing that is certain not to make an appearance are the Falcon Wing Doors from the Model X, which are likely too expensive and complex in this price range.
Speaking of pricing, this is another unknown with respect to the Model Y. But given that the Model 3 now starts at $35,000 in its Standard Range configuration, it wouldn't be too far outside the realm of possibility for the Model Y to have a base price in the upper $30,000 to low $40,000 range.
The Model 3 has been extremely popular since it was introduced, and quickly became the best-selling "luxury" vehicle in the United States with well over 100,000 units finding a home in 2018. Given the incredible popularity of crossover vehicles these days (at the expense of sedans), the Model Y has the potential to be an even bigger seller than its Model 3 counterpart.
In other Tesla news, Musk also announced that version 3 of its Supercharger v3.0 will be unveiled this week. These Superchargers will pack a charge rate of up to 250 kW, far surpassing the 145 kW of its current Superchargers.