Tesla Cancels Cheapest Model Y, Long Range Price Cut As TSLA Shares Surge Over $1,700
However, Musk announced over the weekend via Twitter that the Model Y Standard Range has been canceled. In his words, the 230-mile EPA range of the vehicle would be "unacceptably low" for consumers. That's definitely a bit disappointing for those that wanted more cargo space than the Model 3 sedan provides, but didn't want to pony up for the inflated pricing that comes with the even larger Model X crossover.
We have reduced pricing on Model Y LR dual motor & will offer a LR single motor Y in a few months, which improves affordability, while still keeping the product excellent— Elon Musk (@elonmusk) July 13, 2020
Although it's not by any means a consolation to those that wanted the Model Y Standard Range, Tesla also over the weekend dropped the price on the Model Y Long Range Dual Motor by $3,000, taking it from $52,990 to $49,990. The Model Y Performance remains at $59,990, but it now gets the previously optional [and redundantly named] Performance Package as standard equipment. The Performance Package includes:
Increased top speed from 135 mph to 155 mph
- 21" Überturbine Wheels
- Performance Brakes
- Lowered suspension
- Aluminum alloy pedals
Tesla still intends to launch a Model Y Long Range Single Motor trim at a later date with an EPA range "significantly higher than 300 miles". The vehicle is expected to be priced at around $45,000.
In other Tesla news today, TSLA is up $215 as of this writing, taking it to $1,755. TSLA has been on a tear in the weeks following it most recent earnings report. For some perspective, TSLA was trading at a "low" $361 on March 18th at the onset of COVID-19 mayhem in the United States. To say that the stock has rebounded would be the understatement of the year.