Tesla is on a roll. With its stock at an all-time high, making boss Elon Musk the second richest man in the world, the EV specialist has now obtained permission to start selling its Shanghai-made Model Y in China. Reuters reported that China’s ministry of industry and information technology published the approval on its website today.

California-based Tesla applied for Model Y sales permission earlier this month. The company started delivering the China-made Model 3 from December 2019 and is currently exporting the entry-level model to Europe. It also plans to start making EV chargers in China next year.

First revealed in March 2019, the Model Y is built on the same platform as the Model 3 and shares about 75% of the sedan’s components, although it has a larger body and optional third-row seating. One can choose from a single (RWD) or dual-motor (AWD) setup, and the latter has Performance and Long Range AWD variants.

The Performance variant does 0-96 km/h (0-60 mph) in 3.5 seconds and a top speed of 250 km/h. Riding on 21-inch wheels, it’s good for up to 468 km on a full charge. If one doesn’t need the supercar acceleration, the Long Range AWD sacrifices some speed (0-96 km/h in 4.8 seconds, top speed 217 km/h) for up to 508 km on a full charge.

GALLERY: Tesla Model 3 in Malaysia