News Summary

Tesla has unveiled new, more affordable versions of its Model 3 and Model Y vehicles, dubbed the ‘Standard’ versions. These models are priced at $36,990 for the Model 3 and $39,990 for the Model Y. The new versions have a range of 321 miles on a full charge and feature fewer amenities compared to the higher-end variants. They lack the Autopilot feature, offering only traffic-aware cruise control. The design is minimalist, with manual adjustments for the steering wheel and side mirrors, fewer speakers, and no second-row touchscreen. The move to introduce these models aligns with Tesla’s strategy to stimulate growth following a decline in sales in 2024. The company aims to remain competitive as other automakers, including Ford and General Motors, plan to release their own lower-cost EVs in the coming years. Despite the expiration of the U.S. federal EV tax credit, these models are expected to appeal to budget-conscious consumers globally, potentially impacting the used EV market.