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Tesla quietly unveiled a new version of its Model Y sport utility vehicle on Thursday evening as part of the company's efforts to make cheaper cars.
The base price of the vehicle is $ 42,000. This makes it the cheapest mid-range SUV from Tesla to date. The price is only $ 4,000 higher than Tesla's Model 3 entry-level sedan, which is the cheapest offer.
Tesla is calling the new car its "Standard Range" Model Y, and the distance it can travel on a single charge, called the range, is estimated to average 244 miles. With a top speed of 135 mph and rear-wheel drive only, the car is less impressive than the upper-class Y models in terms of specs.
Screenshot of the Tesla website with the new Model Y of the “Standard Range”, a cheaper variant of the company's electric SUV.
At the higher end of the spectrum, Tesla's "Performance" Model Y has an estimated range of 303 miles, a top speed of 250 km / h, and a base price of $ 60,000. Another option, the Long Range Model Y, has an estimated range of 326 miles, a top speed of 135 mph, and a base price of $ 50,000. In contrast to vehicles with a limited standard range, both high-end models have all-wheel drive.
Model Y's new announcement could surprise people who follow the memes, deliberations, and occasional breakdowns of Elon Musk, Tesla's executive director, on Twitter – and the richest person in the world as of Thursday.
In July, Musk said on Twitter that Tesla had abandoned plans for the Model Y standard range because the estimated range of less than 250 miles was "unacceptably low". According to the listing of the new model, the range is still below this threshold.
No, as the range would be unacceptably low (<250 miles EPA)
– Elon Musk (@elonmusk) July 13, 2020
Nevertheless, the range exceeds previous expectations. When Tesla first introduced the Standard Model Y range in March 2019, the original plan was for an estimated range of 230 miles.
Tesla shares rose more than 8% on Friday to $ 882.50 per share, eventually hitting around $ 856 per share. Since the start of the year, the company's stock is up 20% in a broader tech rally, after rising more than 600% last year.
Rival automakers, who usually come late to the electric vehicle boom, are working on their own battery-powered models. These include Ford's Mustang Mach-E and Volkswagen's ID.4.
According to the company's website, the estimated delivery times for Tesla's standard Model Y range are between two and five weeks.
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