Tesla unveils new lower-cost Model Y amid rising competition

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. Late last year, Musk said the vehicle would be priced below the "key threshold" of $30,000, including US EV tax credits. In the United States, prices effectively rose by $7,500 at the end of last month, when the EV tax credit ended. That helped goose quarterly sales to a record, but expectations are that they will slow down for the rest of the year, unless the affordable car comes to the rescue.