Tesla plans to unveil cheaper Model Y version on Tuesday - Bloomberg

Tesla Inc. (NASDAQ: TSLA) plans to unveil a cheaper version of the Model Y on Tuesday, according to Bloomberg, citing people familiar with the matter. The announcement follows the company's assurances to offer a more affordable vehicle option after the loss of US federal incentives for electric vehicles.

The new base Model Y represents what Tesla began promoting in social media posts over the weekend, according to the sources, who requested anonymity when discussing private information. The lower-priced vehicle will exclude certain features and utilize less premium materials to compensate for the loss of the federal tax credit of up to $7,500 that the US discontinued this month.

The move comes as Tesla seeks to maintain affordability for consumers following the elimination of federal electric vehicle incentives. The company had previously indicated it would introduce more accessible pricing options to offset the impact of reduced government support for electric vehicle purchases.

You May Also Be Interested In

• Baird sees Tesla-SpaceX merger within 12 to 18 months
• Sunrun, Renew Home, and Tesla form 16 GW distributed energy pact
• IMO outlines Hormuz transit routes for stranded vessel evacuation