Our mission to improve business is fueled by readers like you. To enjoy unlimited access to our journalism, subscribe today.
Tesla quietly presented a new version of its Model Y sport utility vehicle Thursday night that is part of the company’s efforts to produce more affordable cars.
The vehicle’s base price is $ 42,000, making it Tesla’s cheapest midsize SUV to date. The price is just $ 4,000 more than Tesla’s entry-level Model 3 sedan, its cheapest offer.
You’re here calls the new car its Model Y “standard lineup”, and the distance it can travel on a single battery charge, its so-called 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 higher-tier Model Y models in terms of specs.
Screenshot of Tesla’s website showcasing the new ‘standard line’ Model Y, a more affordable variant of the company’s electric SUV.
At the high end of the spectrum, Tesla’s ‘performance’ Model Y offers an estimated range of 303 miles, a top speed of 155 mph 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. These two high-end models have all-wheel drive, unlike the more limited standard range vehicle.
The new Model Y ad may surprise people who follow the memes, reflections, and the occasional flop of Elon musk, CEO of Tesla, on Twitter – and, Thursday, the richest person in the world.
In July, Musk said on Twitter that Tesla had abandoned plans for the standard-range Model Y, because the estimated range, at less than 250 miles, “would be too low.” According to the list of the new model, the range is still below this threshold.
Even so, the range exceeds previous expectations. When Tesla first announced the standard Model Y lineup in March 2019, the original plan called for an estimated range of 230 miles.
Tesla shares soared more than 8% to $ 882.50 per share on Friday, finally settling at around $ 856 per share. Since the beginning of the year, the company the stock is up 20% in the middle of a larger tech rally, after increasing over 600% last year.
Rival carmakers, mostly arriving late to the arrow for electric vehicle, work on their own battery-powered models. Among them are Ford Mustang Mach-E and Volkswagen ID.4.
For Tesla’s standard Model Y lineup, estimated delivery times range from two to five weeks, the company’s website says.
More to read absolutely technological coverage of Fortune:
- Who is Cristiano Amon, The new CEO of Qualcomm?
- Comment: The Facebook antitrust action is a major assault on entrepreneurs
- Vaccinating the world against COVID is getting off to a slow start. These companies think AI and blockchain could help
- Coup attempt on Capitol Hill presents key cyberattack opportunity, warn experts
- 5G will improve this year, promises the executive of Verizon