Tesla unveils new lower-cost Model Y amid rising competition | Automotive Industry News

The electric automaker’s new model comes as part of efforts to address slumping sales.

Tesla unveiled more affordable versions of its best-selling Model Y SUV and its Model 3 sedan at $39,990 and $36,990, respectively, as the electric vehicle (EV) manufacturer seeks to reverse falling sales and waning market share amid rising competition.

The EV maker announced its new models on Tuesday.