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Will Low Prices Save Long-Term Oil Demand?

Will Low Prices Save Long-Term Oil Demand?

Will low gasoline prices will…

Tesla Unveils Model Y

Tesla last night unveiled the latest member of its passenger vehicle family, the Model Y crossover SUV, which sports a range of up to 300 miles, seats seven, and has a price tag of US$47,000. Chief executive Elon Musk has predicted the model will sell better than the other three combined.

Deliveries of this long-range base-model version of the car will begin in the fall of 2020, but the car is available to pre-order, of course, with a deposit of US$2,500. A cheaper, shorter-range, version of the Model Y, at US$39,000 will be made available to customers in the spring of 2021. Its battery would have the capacity to last for 230 miles.

There will also be a more expensive version of the Model Y, The Verge reported, with a price tag of US$51,000 that will feature an all-wheel drive and a dual motor. A third, even more expensive version will be a performance Model Y that will sell for US$60,000. Both of these will be made available to customers at the same time as the base model.

MarketWatch’s Claudia Assis noted in a report on the release that the Model Y is a smaller more affordable version of the Model X, which Musk had repeatedly blamed for various delays, and a model Musk had promised to bring to market at some point.

Tesla has not yet said where it will build the Model Y but it will have a lot of common components with the Model 3, which will enable the streamlining of Tesla’s production platform, Assis said. However, some are worried the new car will pressure demand for what was supposed to be Tesla’s flagship car, the Model 3.

Time will tell if this worry has any grounds but it’s worth recalling that the Model 3 became the most sold electric car in the world last year: the first full-year of production for the car. Total sales came in at 138,000, versus 92,000 for Chinese BAIC and 85,000 for Nissan Leaf.

By Irina Slav for Oilprice.com

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