On Tuesday, Tesla unveiled the long-awaited budget version of the Model Y, the auto giant's most popular vehicle. The company also unexpectedly announced the Model 3 Standard.
On Tuesday, Tesla unveiled the long-awaited budget version of the Model Y, the auto giant's most popular vehicle. The company also unexpectedly announced the Model 3 Standard.
The Model Y Standard costs $39,990 and has an estimated range of 516 km (321 miles). The Model 3 Standard is even cheaper at $36,990. But both models lack some features that were previously standard on other Teslas, Business Insider writes .
The Model Y Standard, for example, comes with Traffic-Aware Cruise Control, but lacks the Autosteer driver assistance system available in other trims. Gone are the LED strip and adaptive high beams, replaced by more traditional LED headlights and automatic high beams.
On the other hand, buyers can now save $5,500 by choosing the Model 3 Standard, and $5,000 by purchasing the Model Y Standard, instead of the rear-wheel drive Premium version.
Tesla predicts that the Model Y Standard will be available between November and December, and the Model 3 Standard between December and January.
Wall Street was clearly hoping for more affordable prices: Tesla shares fell 3% on Tuesday, immediately after the announcement. Overall, the electric car manufacturer closed trading that day down 4.45%.
Elon Musk started talking about the appearance of an affordable Tesla model back in 2018. At that time, he announced a price of $25,000. However, year after year, the billionaire constantly broke the deadlines he set.
When Tesla investors asked him last October about plans to release a $25,000 model without autonomous driving capabilities, Musk flatly stated that such a project would be “futile.”
