KATHMANDU: Tesla has introduced more affordable versions of its popular Model Y SUV and Model 3 sedan. The new models are priced at $39,990 and $36,990 and are now open for orders. Deliveries are expected between December and January.
These new versions offer a driving range of over 480 km, though some premium features have been removed to lower costs. Still, the prices are only about $5,000 less than the higher trims, which many investors and analysts say is not a big drop.
CEO Elon Musk has often said he wants to make Tesla cars more affordable for more people. He previously mentioned that a model priced below $30,000 after incentives would be ideal, but that goal has not yet been reached.
Tesla is facing slower sales and stronger competition from other electric car brands in Europe and China, especially after losing the $7,500 U.S. tax credit.
The company hopes these new versions will help bring more buyers, though some experts believe the prices still need to go lower.
Tesla’s stock fell 4.5% after the announcement. Analysts said that while the lower prices may help in the short term, Tesla will likely need a car under $30,000 to compete with upcoming affordable EVs from Chevrolet, Hyundai and Kia.
