Musk aims to boost sales figures and launches “low-cost” Teslas on the market

The richest man in the world, Tesla CEO Elon Musk, is struggling with declining sales figures. His latest coup: two “cheap” Teslas that are supposed to put him back in the fast lane.

The new Model 3 and Model Y are set to become bestsellers, as US electric car manufacturer Tesla announced on Wednesday night. These are cheaper, slimmed-down versions of Tesla's two best-selling models to date.

The Model 3 starts at $36,990 instead of $42,490 for the “premium” version. The compact SUV Model Y starts at $39,990 for the “standard” version and $44,990 for the premium version. The “Standard” versions have a slightly shorter range and some features have been omitted. Externally, the cars look similar to the more expensive versions.

Musk has been promising cheaper Teslas for the mass market for years. In 2024, however, he abandoned plans to build a completely new electric vehicle for $25,000.

(reuters)