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Tesla Unveils Less Expensive Version of Model Y Midsize SUV

Tesla's introduces a less expensive version of its Model Y midsize SUV.
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Electric-vehicle maker Tesla  (TSLA) - Get Tesla Inc. Report is reportedly introducing a new entry-level version of its Model Y midsize SUV.

Shares of the Palo Alto, Calif., company at last check were nearly 6% higher at $864.48. The stock has been on a tear, up 27% in the 10 trading days through Thursday.

The rear-wheel-drive Model Y Standard Range is priced at $41,990, while the Long Range model is $49.990, according to a report by Electrek.

The Environmental Protection Agency estimated ranges are 244 miles and 326 miles respectively.

Tesla says that deliveries of the new version of the vehicle in the U.S. will start in two to five weeks.

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The new model was part of the initial Model Y plan, but last July Founder and Chief Executive Elon Musk told a Twitter follower that Tesla wouldn't make it because its "range would be unacceptably low (<250 mile EPA)," according to a Fox News report.

Meanwhile, a report from Teslarati said that an eco-assessment report for Gigafactory Shanghai recently provided a teaser about a third Tesla that will be produced at the Chinese electric-car factory. 

The documents hint that Tesla is looking to produce a new car at Giga Shanghai as early as 2022, and it will be priced between $25,000 to $30,000.

The new car was reportedly approved as early as September 2020, and product verification is poised to be completed around March 2021

Last week, the South China Morning Post reported that Tesla's Shanghai-made Model Y had received an enthusiastic initial response from Chinese customers, who were eager to order the battery-powered SUV after the carmaker priced it much lower than they had expected.

Separately, Tesla's value surpassed Facebook's and elevated Musk to the status of the world's richest man as his net worth soared to $188.5 billion, according to Bloomberg estimates. Musk overtook Amazon CEO Jeff Bezos.