Company is banking on the new model to revive excitement about the brand as traditional carmakers expand their electric vehicle offerings

Tesla is expected to unveil a new electric crossover SUV, the Model Y, during an event in Los Angeles on Thursday evening. The company claims the car is likely to be its bestselling vehicle.

The vehicle will be the fifth model for the electric carmaker, which has spent the past three years struggling to fulfill its March 2016 promise to produce a mass-market electric sedan for $35,000.

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