"Tesla rolled out new, cheaper versions of two of its electric car models on Tuesday in hopes the offerings will help revive flagging sales. The new Model Y, costing just under $40,000 with a stripped-down interior, follows a slump in Tesla sales covering most of the past year due to anti-Elon Musk boycotts targeting the company. The company is also offering a cheaper version of its Model 3 for under $35,000."
"The company is under intense pressure to lift sales but is facing big challenges. In addition to anti-Musk backlash, it is contending with a likely hit to demand after a federal tax credit worth as $7,500 for EV purchases expired at the end of September. Tesla stock fell more than 2.5% to $441.08 in late afternoon trading Tuesday. It had closed Monday up more than 5% after the company teased fans with cryptic postings on social media about an imminent product announcement."
Tesla introduced lower-priced versions of the Model Y (just under $40,000) and Model 3 (under $35,000) with simplified interiors and reduced features. The new Model Y has a shorter 321-mile range, fewer audio speakers, fabric seating instead of microsuede, no panoramic glass roof and no second-row touchscreen. The trimmed Model 3 also has reduced driving range, ambient lighting and other features. Sales have slumped amid anti-Elon Musk boycotts and a likely drop in demand after a $7,500 federal EV tax credit expired at the end of September. Tesla faces strong competition in the $40,000 EV segment.
Read at www.mercurynews.com
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