NEW YORK (AP) — Tesla rolled out new, cheaper versions of two of its electric car models on Tuesday in hopes the offerings will help revive flagging sales but investors dumped its stock anyway.
The new Model Y, costing just under $40,000 with a stripped-down interior, comes in a brutal year for Tesla as it tries to attract more customers despite an aging lineup, stiff competition from foreign EV makers and anti-Elon Musk boycotts targeting the company.
The reaction from the stock market after the news broke suggests the new models are not expected to help much.
Tesla also announced a cheaper version of its Model 3 for under $37,000. For New York residents taking advantage of a state rebate, the price was below $35,000.
Tesla has talked about a cheaper car to appeal to more cost-conscious consumers for years, though the two new “standard” models are priced well above the $25,000 price tag promised.
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