In this articleTSLA your favorite stocksCREATE FREE ACCOUNTA Tesla Model Y is seen on a Tesla car lot in Austin, Texas, on May 31, 2023.Brandon Bell | Getty ImagesTesla debuted more affordable versions of its Model Y SUV and Model 3 sedan on Tuesday.The Model Y standard variant is priced just below $40,000, according to Tesla's website, and the Model 3 standard starts at around $37,000.The company also released a new version of its Full Self-Driving (Supervised) driver assistance system early Tuesday.The EV maker's stock closed 4.45% lower.Over the weekend, Elon Musk's electric vehicle company d a teaser clip featuring a logo-emblazoned, spinning component that could be anything from a wheel cover to a fan or turbine.
The clip with the numbers "10/7," indicating Tuesday's date for the reveal.Tesla posted a second clip to X on Sunday showing the outline of a vehicle's headlights in the dark.s climbed 5% Monday as the buzz grew online over what the announcement would be, but dipped 3% on Tuesday.
Many investors were hoping for on other new ducts such as the next-generation Roadster that Musk has mised for years.The standard variant of the Model Y doesn't feature a panoramic glass roof, leather seats or the light bars the higher-end versions of the SUV.
It costs $5,000 less than the previous, entry-level version of the Model Y.The new Model Y standard features a battery that gets 321 miles of estimated range on a full charge, compared to the 357 miles of range in a Long Range version with rear wheel drive.The lower prices may help Tesla attract some buyers after the loss of $7,500 federal EV tax credits, which went away with President Donald Trump's spending bill.
Tesla is still facing crushing competition across the globe, including in the U.S., from EV makers, some with lower-priced offerings.Earlier this year, Tesla had reportedly been working on a stripped-down version of the Model Y and was aiming for a price closer to $30,000.
That was before President DonaldTrump's sweeping tariff announcements and the elimination of the tax credit.Read more CNBC newsInside Rivian's design factory and the story behind those distinct headlightsAppLovin stock tanks on report SEC is investigating company over data-collection practicesOpenAI looks to take 10% stake in AMD through AI chip deal worth billionsCerebras CEO explains IPO withdrawal, says AI chipmaker still intends to go publicThe company hasn't released a new model vehicle for sale since it began shipping the Cybertruck, its angular unpainted steel pickup, in late 2023.Musk originally moted the Cybertruck at an "unveiling" event in 2019, where his demo went awry and he shattered a window.
The Cybertuck never achieved the level of ity of Tesla's Model 3 sedan or Model Y SUVs and has been the subject of at least eight voluntary recalls in the U.S.With its auto sales in a multi-quarter slump, Tesla has been trying to shift investor attention to its future as a robotics and self-driving car .The slump 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 it's also due to an aging lineup and increased competition from companies including Volkswagen and BYD.In mid-October of last year, Tesla held its invitation-only, "We, Robot" event in Hollywood, where it showed off a low, two-seater Cybercab concept with no steering wheels or pedals.
Musk said the driverless car would cost $30,000.As of the company's second-quarter earnings call, it was not yet in duction.At an event in late 2017, Musk mised Tesla would make a next-generation Roadster, but the vehicle has never moved into duction.
In 2021, Musk mised 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 mising to turn existing Tesla EVs into robotaxis with a software for a decade.The company currently has human safety drivers in its Robotaxi-branded test and fleet vehicles, un robotaxi rivals Alphabet's Waymo and Baidu's Apollo Go.In the realm of humanoid robots, Musk has said Tesla's Optimus robots will be capable of factory work or babysitting your kids, but they've yet to hit the market.
Meanwhile, competitors Agility Robotics and Unitree are already selling bipedal, humanoid robots.ing 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.
That stock price increase was aided by Musk, who purchased $1 billion of Tesla stock himself in mid-September.WATCH: Tesla teases new duct launchwatch now2:2802:28Tesla teases new duct launch in social media postMoney Movers