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Tesla has launched cheaper versions of its Model Y and Model 3 electric vehicles, aiming to boost sales amidst declining demand, an aging lineup, and intense competition. The new Model Y is priced under $40,000 and the Model 3 under $37,000, though both are significantly above previously promised lower price points. Investors reacted negatively, with Tesla stock dropping, as they sought more innovative offerings rather than mere iterations of existing models. The price cuts come as a federal EV tax credit expired, potentially further impacting sales.

Prepared by Christopher Adams and reviewed by editorial team.