Tesla has announced plans for a lower cost Model Y as it faces the loss of a $7,500 tax credit for American EV buyers as of October 1. Alex Martin/AFP/Getty Images

Tesla has unveiled the long-promised cheaper versions of its two main cars, dubbed the Model 3 Standard and Model Y Standard, after the expiration of the $7,500 tax credit for American buyers of most of its cars.

Tesla said the new Model 3 Standard will cost $38,630, including destination and order fees, and would be available in December or January. Model Y Standard will have a starting price of $41,630, including destination and order fees, and would be available in November or December.

The Model 3 Standard is $5,500 less than the “Premium” version, which had previously been the least expensive model, while the Model Y S

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