Tesla unveils affordable versions of its Model 3 and Model Y cars
FILE-A Tesla Model Y is seen on a Tesla car lot on May 31, 2023 in Austin, Texas. (Photo by Brandon Bell/Getty Images)
Tesla unveiled a lower-priced version of its Model 3 and Model Y electric vehicles.
The auto manufacturer believes the more affordable EVs will revitalize consumer sales after global car deliveries dipped last year, Reuters reported, citing estimates from financial research company Visible Alpha.
How much will the Tesla model cars cost?
By the numbers:
Tesla has priced the "Standard" – or base version – of the Model Y and Model 3 at $39,990 and $36,990.
These prices are lower than the "Premium" versions of the Model Y, which is $44,490 and the Model 3 priced at $41,990.
Forbes reported that production of the vehicles started in June amid the loss of a $7,500 federal tax credit for Americans purchasing electric vehicles, which expired on Sept. 30.
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Tesla’s decision to build the affordable car versions has led to speculation among investors and financial analysts that this move could impact sales of current EVs and hinder growth.
FOX Business noted that Tesla had a strong third quarter, but analysts project the automaker’s annual car deliveries to drop for a second straight year to roughly 1.62 million.
But Wall Street projects Tesla's deliveries to rally to 1.85 million cars in 2026, with the affordable models accounting for 155,610 units next year, according to FOX Business, citing estimates from Visible Alpha.
The Source: Information for this story was provided by FOX Business, Reuters, and Forbes. This story was reported from Washington, D.C.