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Economy|Automotive IndustryTesla unveils new lower-cost Model Y amid rising competitionThe electric automaker’s new model comes as part of efforts to address slumping sales.

Tesla has introduced more affordable versions of its Model Y SUV and Model 3 sedan, priced at $39,990 and $36,990, respectively. This move aims to address declining sales and market share in a competitive landscape. The announcement was made on Tuesday.

TBy Thomas BlakeOct 08, 20251 min read

Tesla has introduced more affordable versions of its Model Y SUV and Model 3 sedan, priced at $39,990 and $36,990, respectively. This move aims to address declining sales and market share in a competitive landscape. The announcement was made on Tuesday.

In the United States, prices increased by $7,500 at the end of last month due to the expiration of the EV tax credit. This change had previously boosted quarterly sales to a record high. The introduction of more affordable models is expected to sustain demand.

Although production was initially promised to start by the end of June, Tesla reported in July that only "first builds" had been completed. The new vehicles are expected to be available to customers in the last quarter of the year.

Tesla is facing challenges with slowing sales of its existing models due to increased competition in markets like China and Europe. Earlier this year, Tesla launched a refreshed version of the Model Y with various improvements.

Tesla has introduced more affordable versions of its Model Y SUV and Model 3 sedan, priced at $39,990 and $36,990, respectively.
Thomas Blake · Thehackingpost

The company is pivoting towards artificial intelligence, focusing on robotaxis and humanoid robots, while planning to introduce more affordable vehicles. Details on these future models have not yet been disclosed.

Affordable vehicles are crucial for Tesla's goal of delivering 20 million vehicles over the next decade. This is part of the operational and valuation targets linked to a proposed $1 trillion compensation package for CEO Elon Musk.

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Market response to the new product has been tepid, attributed to the pricing strategy. Analyst Dan Ives from Wedbush Securities noted that while the new model could increase delivery rates, the price reduction is modest compared to previous models. As of 3:15 pm in New York (19:15 GMT), Tesla's stock price was down nearly four percent.

Based on reporting by Al Jazeera.

AI transparency. This article was produced with the assistance of artificial intelligence and published under human editorial oversight. AI systems can make mistakes. Read how we use AI (EU AI Act, Art. 50).
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