Tesla shares fall as lower-cost Model Y and Model 3 disappoint
Tesla shares fall as lower-cost Model Y and Model 3 disappoint
Tesla shares fall as lower-cost Model Y and Model 3 disappoint
Tesla unveils lower-cost models of two of its most popular cars in an effort to boost falling sales.
Tesla has unveiled cheaper models of two of its most popular cars in the US as it tries to boost sales on the heels of the expiration of a key US tax credit.
But the carmaker's shares tumbled about 4% as investors were underwhelmed by the announcement. In the US, the new versions of its Model Y mid-sized sport utility vehicle and Model 3 sedan are priced only $5,000 less than previous versions.
Tesla, which faces growing competition, has lost ground as it has been slow to offer new, more affordable vehicles, despite its release of a new Model Y version this year.