This Tesla Model Y News Sent Stock Soaring

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The Model Y will go 315 miles on a charge, not 280.

The Tesla Model Y will go further on a single charge than previously expected, as Tesla revealed Wednesday that its EPA range estimate now stands at up to 315 miles - some 35 miles more than originally projected. With that, the company says, the Model Y "extends its lead as the most energy efficient electric SUV in the world." The EPA-estimated mileage has already been updated on Tesla's web-based model configurator for the Y, despite the electric utility vehicle not being for sale yet.

However, Tesla also announced that it had already started production ramp-up on the Model Y this month, putting it substantially ahead of schedule and placing it in a good position to start deliveries very soon.

Tesla
2021 Tesla Model Y Rear View Tesla
Tesla

Tesla's Model Y configurator now shows a delivery start date of March, 2020, and the company's latest letter to investors alluded to a start date toward the end of the first quarter. Tesla had previously forecast customer deliveries to start in the summer.

The Tesla Model Y is the electric vehicle manufacturer's second battery-powered utility vehicle, after the larger and more expensive Model X that launched in 2015. It's based on the same platform underpinning the Model 3, giving it a significantly lower price tag than its larger companion. Similar to the Model 3, however, Tesla is launching the Long Range and Performance models first, with production of less-expensive Standard Range models not slated to start until 2021.

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2021 Tesla Model Y Front View Tesla
Tesla

After the news of the Tesla Model Y's range estimate bump, along with decent Q4 earnings results, the electric carmaker's share price soared to just over $650 per share in after hours trading. Granted, that could have as much to do with the automaker's reported revenue surpassing Wall Street estimates, or CEO Elon Musk's promise to sell more than half-a-million vehicles this year - roughly 130,000 more vehicles than it delivered in 2019.

The company's share price stood at $580.99 per share at market close.

Steven MConroy
Steven MConroy
Tesla

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