Tesla Inc. unveils new, more affordable models of Model Y SUV and Model 3 sedan at $39,990 and $36,990, respectively, to boost sales and combat competition. Both models have a range of 321 miles and slower acceleration. High-end features like leather interiors not included.

Stock falls 4% following the announcement after a 5% rise the day prior. CEO Elon Musk emphasizes affordability as demand remains high but people lack funds. New models released amidst delivery slump and competition from Volkswagen and BYD.

Tesla focuses on robotics and AI projects like Optimus humanoid robot and Full Self-Driving software. Brand loyalty suffers in China and Europe due to Musk’s political views and aging product line. Investors cautious despite company’s innovation efforts.

Read more at Nasdaq: Tesla Launches Lower-Priced Model Y And Model 3 To Revive Sales And Market Share