Tesla is battling sliding global sales – down six per cent year-to-date – and fierce, growing competition from Chinese rivals BYD and Xiaomi, whose EVs often sell for under $30,000.
Tesla has unveiled cheaper versions of its Model 3 and Model Y electric vehicles, but with starting prices still hovering near $40,000 (£29,820) investors and analysts say the cars fall short of chief executive Elon Musk’s promise of a truly mass-market EV.
The new Model 3 Standard starts at $36,990, while the Model Y Standard costs $39,990, roughly $5,000 less than Tesla’s premium trims but well above the sub $30,000 threshold Musk once said would unlock mass adoption.
The ‘budget’ models come stripped of features like autosteer, glass roofs, rear touchscreens, and leather seats, with smaller batteries redu