Tesla reveals slightly cheaper ‘standard’ versions of the Model 3 and Model Y

After over a year of anticipation, Tesla has introduced more economical versions of its popular vehicles. On Tuesday, the automaker unveiled the 'Standard' editions of the Model 3 sedan and Model Y SUV, priced at $36,990 and $39,990, respectively. These new models are designed with a more minimalist approach, offering an estimated range of 321 miles on a full charge. However, they come equipped with fewer features compared to their premium counterparts that offer rear-wheel and all-wheel drive. This strategic move is expected to rejuvenate Tesla's growth trajectory following a decline in sales in 2024. While the new pricing is more accessible, it falls short of the expectations set by CEO Elon Musk, who previously hinted at the possibility of a $25,000 Tesla—an initiative that has since been abandoned. Notably, the new Model 3's price does not fall below the $35,000 mark that was once heavily promoted during its launch phase in 2016. Although that price point was briefly available through off-menu options, it was never widely adopted. Stay tuned for more updates on this developing story.