"Tesla unveiled more affordable versions of its best-selling Model Y SUV and its Model 3 sedan at $39,990 and $36,990, respectively, as the electric vehicle (EV) manufacturer seeks to reverse falling sales and waning market share amid rising competition. The EV maker announced its new models on Tuesday. list of 4 itemsend of list Chief Executive Elon Musk has for years promised mass-market vehicles, though last year he cancelled plans to build an all-new $25,000 EV."
"Late last year, Musk said the vehicle would be priced below the key threshold of $30,000, including US EV tax credits. In the United States, prices effectively rose by $7,500 at the end of last month, when the EV tax credit ended. That helped goose quarterly sales to a record, but expectations are that they will slow down for the rest of the year, unless the affordable car comes to the rescue."
Tesla introduced lower-priced Model Y and Model 3 versions at $39,990 and $36,990 to reverse falling sales and waning market share amid rising competition. Elon Musk had long promised mass-market vehicles but cancelled a planned $25,000 EV and later said a model would be priced below $30,000 including US EV tax credits. The end of the US tax credit effectively raised prices by $7,500, boosting quarterly sales but creating expectations of slower sales for the rest of the year. Production timelines slipped; Tesla reported only first builds and said customer availability is expected in the last three months of the year. Tesla faces growing competition in China and Europe and eroding brand loyalty linked to Musk's political views.
Read at www.aljazeera.com
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