Visitors checking a China-made Tesla Model Y at the electric vehicle maker's showroom in Beijing. — Reuters
SHANGHAI: Tesla Inc launched a cheaper variant of the Model Y, bringing its sports utility vehicle’s price closer to that of its Model 3 sedan, the electric-car maker’s least expensive car.
The new standard range Model Y is priced at US$41,990, only US$4,000 more than the entry level Model 3, according to the company’s website.
Shares of the carmaker, which have surged more than 700% in 2020, were up nearly 5% at US$853.89 in trading before the bell on Friday.
Tesla’s stratospheric rally has helped chief executive Officer Elon Musk surpass Amazon.com Inc’s top boss Jeff Bezos to become the world’s richest man, Bloomberg News reported on Thursday.
Tesla’s new Model Y variants come days after the carmaker beat Wall Street targets for 2020 vehicle deliveries, driven by a steady rise in electric vehicle adoption, but narrowly missed its ambitious full-year target of half a million deliveries.
