Tesla Model Y
Credits: Wikimedia Commons

Tesla has been talking about a cheaper version of its premium car-the Model Y for quite some time, and it looks like it is finally ready to deliver.

This comes after Elon Musk had said in July that plans for the variant were being scraped, since the range on the vehicle would be too low for his liking.

The Model Y budget friendly edition will be priced at $41,990, which is almost $9,000 cheaper than the long range alternative. In fact, the price is now in line with the Model 3, which is Tesla’s cheapest car.

However, as a tradeoff, the company had to reduce the range on the vehicle, which stands at 244 miles in the cheap version, compared to the 326 miles in the long range version. The range is exactly what Musk had said it would be, which at that time, was unacceptable to him. However, it looks like things have changed in the past few months.

And speaking of change, we’d be remiss to mention the new title that’s been bestowed upon Elon Musk-the richest man alive. Yesterday, Musk surpassed Jeff Bezos to become the wealthiest man on the planet, after Tesla stock saw a huge jump, with the company reaching a valuation of $700+ billion.

This makes Tesla the 5th biggest company on Wall Street, surpassing Facebook.

The company had recently announced that it completed almost 500,000 deliveries in 2020, which is amazingly low for the most valuable automobile maker in the world. That being said, the numbers don’t lie, and it’s clear that Tesla is growing at an unprecedented scale.