The event is scheduled to take place at the Tesla Design Studio in Hawthorne, California, and a livestream will be made available on Tesla's website.
Musk initially said the Model Y would be unveiled on March 15 – the Ides of March – a date he picked because it “sounded good.”
Musk confirmed production of the Model Y during an event in Shanghai in January.
The newest vehicle in the Tesla arsenal, its fifth car design, is expected to share about 75 percent of its parts with the Model 3 sedan, and has been described by Musk as an SUV.
High-volume production at the Shanghai factory – which will manufacture only the Model 3 and Model Y, according to Musk – is expected to begin in 2020, serving the greater China region only. Musk said he expects the Model Y to go into production in 2020.
Here’s what else we know about the Model Y:
While there were rumors the Model Y might have Falcon Wing doors – doors that are hinged at the roof rather than on the side – Musk said recently the vehicle will have "normal" doors. Teaser images indicate it could have a panoramic windshield.
The car will use the same battery as the Model 3 – which carries a range around 200 to 300 miles per charge. Because the new vehicle will be larger, Musk said the vehicle will have “slightly less range for the same battery.”
There have also been rumors the crossover could potentially have a third row of seats. However, Musk said on Sunday that the vehicle would be about 10 percent bigger than the Model 3.
During a shareholder meeting in June, Musk said the vehicle would not have any leather – and joked it may not even have a steering wheel.
Tesla is expected to roll out a fully autonomous driving system next year, sparking rumors the Model Y could have that, as well.
A spokesperson for Tesla declined to comment on that possibility when contacted by FOX Business.
Musk said the Model Y – “being an SUV” – will cost about 10 percent more than the Model 3, though it is unclear exactly what that means. Pricing, along with detailed specifications, are expected to be released at the event on Thursday.
Tesla recently unveiled a lower-cost version of the Model 3, with a base price of $35,000. However, over the weekend the company announced it would raise the price of most of its vehicles by 3 percent – though the cheaper Model 3 will be excluded from those increases. The move was made as the company decided not to close all of its stores in a previously telegraphed transition to online-only sales.
The automaker unveiled two Model Y concept drawings, which give away very few details.