Tesla offers cheaper versions of 2 electric vehicles in bid to win back market share in tough year

NEW YORK -- Tesla rolled retired new, cheaper versions of 2 of its electrical car models connected Tuesday successful hopes the offerings volition assistance revive flagging sales.

The caller Model Y, costing conscionable nether $40,000 with a stripped-down interior, follows a slump successful Tesla income covering astir of the past twelvemonth owed to anti-Elon Musk boycotts targeting the company. The institution is besides offering a cheaper mentation of its Model 3 for nether $35,000.

The institution is nether aggravated unit to assistance income but is facing large challenges. In summation to anti-Musk backlash, it is contending with a apt deed to request aft a national taxation recognition worthy arsenic $7,500 for EV purchases expired astatine the extremity of September.

Tesla banal fell much than 2.5% to $441.08 successful precocious day trading Tuesday. It had closed Monday up much than 5% aft the institution teased fans with cryptic postings connected societal media astir an imminent merchandise announcement.

The banal has been trading adjacent all-time highs adjacent though some income and profits person plunged successful caller quarters.

Compared to erstwhile models, the caller Model Y comes with a shorter 321-mile driving range, less audio speakers and a cloth interior, not microsuede. The exemplary besides lacks a panoramic solid extortion and a touchscreen successful the 2nd row.

The caller Model 3 has besides chopped down connected the driving range, ambient lighting and different features.

The caller Model Y faces stiff contention successful the $40,000 scope for EVs from vehicles including Ford's Mustang Mach-E, Chevrolet's Equinox EQ and Hyundai's Ioniq 5.