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The electric automaker\u2019s new model comes as part of efforts to address slumping sales.<\/em><\/p>\n Published On 7 Oct 2025<\/span>7 Oct 2025<\/span><\/p>\n Click here to share on social media<\/p>\n share2<\/p>\n 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.<\/p>\n The EV maker announced its new models on Tuesday.<\/p>\n list of 4 items<\/span>end of list<\/span><\/p>\n 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.<\/p>\n Late last year, Musk said the vehicle would be priced below the \u201ckey threshold\u201d of $30,000, including US EV tax credits.<\/p>\n 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.<\/p>\n \u201cThe desire to buy the car is very high. [It is just that] people don\u2019t have enough money in the bank account to buy it,\u201d Musk said in July during Tesla\u2019s second-quarter earnings call. \u201cSo the more affordable we can make the car, the better.\u201d<\/p>\n Tesla had posted two clips on X over the weekend, igniting excitement among fans. One video shows headlights peering out of the dark and another shows what looks like a wheel spinning for a few seconds, followed by \u201c10\/7\u201d \u2014 the US format for the date October 7.<\/p>\n Musk initially promised that production of the vehicle would start by the end of June. But Tesla only made what it called \u201cfirst builds\u201d of the car, it said in July, adding that it would be available for customers sometime in the last three months of the year.<\/p>\n Tesla has already been grappling with slowing sales of its ageing lineup as competition has grown rapidly, especially in China and Europe, where Musk\u2019s far-right political views have also undermined brand loyalty.<\/p>\n Earlier this year, Tesla launched a refreshed version of the Model Y with improvements including new light bars and a rear touchscreen.<\/p>\n Musk has been pivoting the company toward artificial intelligence, focusing on robotaxis and humanoid robots. Tesla has said it will launch more affordable vehicles in its lineup, but has not provided details.<\/p>\n Sources have told the Reuters news agency that the EV maker also plans to roll out a stripped-down version of its Model 3 midsize sedan.<\/p>\n Affordable cars will also be key to Tesla delivering 20 million vehicles over the next decade \u2013 one of the several operational and valuation milestones set by the company\u2019s board as part of its proposed $1 trillion pay package for Musk.<\/p>\n Markets are not responding well to the new product, which analysts say is a result of the price point.<\/p>\n \u201cWe believe the launch of a lower cost model represents the first step to getting back to a ~500k quarterly delivery run-rate which will be important to stimulate demand for its fleet with the EV tax credit expiring at the end of September, but we are relatively disappointed with this launch as the price point is only $5k lower than prior Model 3\u2019s and Y\u2019s,\u201d\u00a0 Dan Ives, analyst at Wedbush Securities, said in a note provided to Al Jazeera.<\/p>\n On Wall Street, Tesla\u2019s stock price as of 3:15pm in New York (19:15 GMT) was down by almost four percent.<\/p>\n","protected":false},"excerpt":{"rendered":" The electric automaker\u2019s new model comes as part of efforts to address slumping sales. Published On 7 Oct 20257 Oct 2025 Click here to share on social media share2 Share 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<\/p>\n","protected":false},"author":1,"featured_media":26549,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[48],"tags":[4291,2883,1545,15931,4029,150,1999,1381,908],"class_list":{"0":"post-26548","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-politics","8":"tag-automotive","9":"tag-competition","10":"tag-industry","11":"tag-lowercost","12":"tag-model","13":"tag-news","14":"tag-rising","15":"tag-tesla","16":"tag-unveils"},"_links":{"self":[{"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/posts\/26548","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=26548"}],"version-history":[{"count":0,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/posts\/26548\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/media\/26549"}],"wp:attachment":[{"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=26548"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=26548"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=26548"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Recommended Stories <\/h2>\n
Sales slowdown<\/h2>\n