Tesla’s standard model prices under $40,000

Tesla More affordable versions of the Model Y SUV and Model 3 sedan debuted Tuesday.

The standard variant of the Model Y is priced just under $40,000, according to Tesla’s website, and the standard Model 3 starts at about $37,000.

The company also released a new version of Full self-driving (Moderated) Driver Assistance System early Tuesday.

The EV maker’s stock closed up 4.45%.

During the weekend, Elon Musk The electric vehicle company shared a teaser section It features a spinning component, a component of yarn that can be anything from a wheel cover to a fan or turbine. The clip ended with the numbers “10/7,” indicating a Tuesday date for the reveal.

Tesla posted a second section To X on Sunday, display the outline of a car’s headlights in the dark.

Shares rose 5% on Monday as online buzz grew about what the announcement would be, but fell about 3% on Tuesday. Many investors were hoping for updates on other new products like the next-generation Roadster that Musk has promised for years.

The standard variant of the Model Y does not feature a panoramic glass roof, leather seats or light bars like the higher-end versions of the SUV. It costs about $5,000 less than the previous entry-level version of the Model Y.

The new Standard Model Y features a battery that gets 321 miles of rated range on a full charge, compared to 357 miles of range in a long-range version with rear-wheel drive.

Lower prices may help Tesla attract some buyers after losing $7,500 in federal tax credits, which went away President Donald Trump Spending bill. Tesla still faces crushing competition around the world, including in the US, from EV makers, some with lower-priced offerings.

Earlier this year, Tesla was said to be working on a stripped-down version of the Model Y and was aiming for a price closer to $30,000. It was in front of the president DonaltrompUniversal tariff announcements and cancellation of tax credit.

The company hasn’t released a new concept vehicle for sale since it began shipping the Cybertruck, an angular, uncoated steel pickup, in late 2023.

Musk originally promoted the Cybertruck at an “unveil” event in 2019, where a demo of it went and smashed a window. The Cybertuck has not achieved the level of popularity of the Tesla Model 3 or Model Y sedans, and has been the subject of at least eight voluntary recalls in the United States.

With auto sales in a multi-quarter slump, Tesla is trying to shift investor attention to its future as a robotics and self-driving car.QQ.

It has resulted, in part, from a consumer backlash against Musk, his endorsements of far-right political parties and figures, and his incendiary political rhetoric. But this is also due to the aging lineup and increased competition from companies including Volkswagen and BYD.

In mid-October last year, Tesla held its invitation-only event, “We, Robot,” in Hollywood, where it showed off a low-slung Cybercab concept with no steering wheels or pedals. Musk said the driverless car would cost about $30,000.

As of the company’s Q2 earnings call, it has not yet been produced.

in The event is in late 2017Musk promised Tesla he would build a next-generation Roadster, but the car never moved into production. In 2021, Musk promised the Roadster would be able to “fly,” and last year he said the elusive sports car was being redesigned in collaboration with SpaceX, his aerospace and defense contractor.

Musk has been promising to turn existing Tesla EVs into robotaxis with a software update for about a decade.

The company currently has human safety drivers in its testing and fleet installations, unlike Robotaxi’s competitors. alphabet Waymo and Baidu Apollo goes.

In the world of humanoid robotics, Musk said Tesla Optimus robots will be able to work in the factory or your children’s club, but they haven’t hit the market yet. Meanwhile, competitors like Agility Robotics and Unitree are selling humanoid robots.

After a brutal first quarter that saw Tesla lose 36% of its value, the stock has been on a tear, jumping 40% in the third quarter. It’s now up 12% for the year. This stock price increase was helped by Musk, who bought about $1 billion worth of Tesla shares in mid-September.

He watches: Tesla teases new product launch