Published 01/24/25 AT 7:00 AM EST Share on Facebook Share on Pocket The latest Model Y variant from Tesla is designed to appeal to buyers looking for a more feature-rich, long-range electric SUV. AFP Elon Musk's Tesla has introduced a new, higher-priced version of its best-selling Model Y in North America, Canada and Europe, expanding on its initial release in China earlier this month. The Model Y Long Range All-Wheel Drive (AWD) "Launch Series" will cost $59,990 in the U.S., a 25% increase over the base price of the previous Model Y variant, which is priced at $47,990, Reuters reported. Premium Features And Upgrades The new Model Y variant is designed to appeal to buyers looking for a more feature-rich, long-range electric SUV. According to its website, Model Y boasts improved exterior styling, a more luxurious interior with new materials like "Premium Textile Trim" and "Vegan Suede," and an extended range of 320 miles (515 km) compared to the 311 miles of its predecessor. Performance-wise, the Launch Series Model Y also offers faster acceleration, with a 0-60 mph time of 4.1 seconds, a noticeable improvement over the previous version's 4.8-second time. However, the top speed is capped at 125 mph, a decrease from the previous 135 mph, which is unlikely to be a concern for most family-oriented buyers, according to The Verge report. The latest version also comes with unique badging and other premium touches, making it a distinctive offering for early adopters. Tesla has yet to receive official EPA stamp for the new range. Buyers will be able to select from different configurations, including the performance package, additional colors, and a seven-seat option. The upgraded version also includes Tesla's supervised Full Self-Driving (FSD) software, an $8,000 option on the older Model Y. The Model Y Launch Series will be available in a limited range of colors—Stealth Grey, Pearl White Multi-Coat, Ultra Red, and Quicksilver—all included in the launch price. Launch Strategy Tesla is offering both the older and newer versions of the Model Y, allowing customers to choose between the standard Long Range AWD model and the new Launch Series variant. The presence of both versions on the website is a rare move for the company, which typically phases out older models once new versions are released. While the Launch Series commands a premium price, the previous Model Y Long Range AWD remains available for those seeking a more affordable option. Notably, the price difference between similarly configured old and new Long Range models is about $4,000, allowing buyers to select based on their budget and feature preferences. Deliveries Start In March