Carmaker launches cheaper variant of popular SUV
Tesla has introduced a cheaper variant of the Model Y, which brings the price of its sportnuts closer to the price of its Model 3 sedan, the cheapest car from the electric car manufacturer.
According to the company’s website, the new standard Model Y series is priced at $ 41,990, only $ 4,000 more than the entry-level Model 3.
Shares of the automaker, which rose more than 700% in 2020, rose nearly 5% to $ 853.89 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.
Shares in the company jumped nearly 8% to end Thursday’s session at $ 816.04, bringing its market capitalization to $ 774 billion and making Wall Street’s fifth most valuable company, just behind Google parent Alphabet Inc and ahead of the social media giant Facebook.
Tesla’s new Model Y variants come days after carmaker hit Wall Street targets for 2020 deliveries of cars, driven by a steady increase in the adoption of electric vehicles, but missed its ambitious full-year target of half a million deliveries.