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    Tesla launches a cheaper variant of the Model Y SUV.

    (Reuters) – Tesla Inc has launched a cheaper variant of the Model Y, bringing the price of its SUV closer to that of its Model 3 sedan, the electric car maker’s least expensive car.

    The new standard Model Y range is priced at $ 41,990, just $ 4,000 more than the entry level model 3, according to the company’s website. (www.tesla.com/modely)

    Shares of the automaker, which were up more than 700% in 2020, were up nearly 5% to $ 853.89 in trading before the bell on Friday.

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    Tesla’s stratospheric rally helped CEO Elon Musk overtake Jeff Bezos, the head of Amazon.com Inc, by becoming the richest man in the world, Bloomberg News reported Thursday.

    Shares in the company rose nearly 8% to end Thursday’s session at $ 816.04, putting its market cap at $ 774 billion and making it the fifth most valuable company on Wall Street, right behind Alphabet Inc, Google’s parent company and ahead of the social media giant. Facebook Inc.

    Tesla’s new Model Y variants come just days after the automaker surpassed Wall Street’s 2020 vehicle delivery targets, propelled by a steady rise in electric vehicle adoption, but narrowly missed its mark. ambitious full-year target of half a million deliveries.

    Reportage by Akanksha Rana and Subrat Patnaik in Bengaluru; Montage of Krishna Chandra Eluri

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