Tesla Launches Cheaper Model 3 and Model Y Versions Amid Competitive EV Market. Tesla has unveiled more affordable versions of its Model 3 and Model Y after the expiration of the $7,500 tax credit for American buyers. The new Model 3 Standard will cost $38,630, while the Model Y Standard will be priced at $41,630, both excluding additional fees. The cheaper Model 3 is $5,500 less than its Premium version, while the Model Y Standard is priced $5,000 lower than its Premium counterpart. The Standard versions will have fewer features, including fewer speakers and a less luxurious interior compared to the Premium models. These new versions won’t have the same range as Premium models, but still surpass the Performance models in terms of distance on a full charge. Tesla's shares dropped by 4% after the announcement, with investors hoping for more competitive pricing than what was unveiled. The unveiling marks a significant step towards Tesla's promise of a more affordable EV model, though a $30,000 version is still in development. Competition from other automakers, such as Hyundai, is increasing, with some EVs priced significantly lower than Tesla’s models. Despite record third-quarter sales, Tesla faces challenges from rising competition, especially from Chinese EV makers like BYD. The company is also grappling with public backlash over CEO Elon Musk’s political activities, which may have impacted Tesla's consumer base. [Instructions: THIS VIDEO MUST NOT BE EDITED FOR LENGTH TO COMBINE WITH OTHER CONTENT]