Tesla plans to release a more affordable version of the Model Y to offset the loss of US federal incentives for electric vehicles. The new entry-level model will cut costs by dropping features and using cheaper materials. Production began in June but scaled up after the incentives ended. Elon Musk confirmed it’s the Model Y. The company reported record global deliveries of 497,099 vehicles for the July to September period, likely driven by stronger US demand. However, the pull-forward of sales before the tax credit expiration may impact future electric vehicle demand. Musk warned of potential challenges ahead after the US incentives end. Tesla also reported third-quarter production of 447,450 vehicles, down 4.8% from the previous year.

Read more at Yahoo Finance: Tesla to reveal lower-cost Model Y as US tax credits end