Tesla plant manager in Berlin said that the new stripped-down Model Y will be "about 10% less expensive" - Electrek editor on X

Tesla plant manager in Berlin said that the new stripped-down Model Y will be "about 10% less expensive" - Electrek editor on X

Tesla, the electric vehicle (EV) giant, is set to unveil a more affordable version of its best-selling Model Y SUV, aiming to reverse its recent sales slump and regain market share. The new model, expected to be priced below the key threshold of $30,000 in the U.S. including EV tax credits, is part of Tesla's broader strategy to introduce more affordable vehicles to its lineup. The announcement comes amidst growing competition in the global EV market, particularly in China and Europe, where Tesla has faced challenges due to Musk's far-right political views. The new Model Y is expected to be about 10% less expensive than the current version, according to a Berlin plant manager's statement on X . Tesla has already been grappling with slowing sales of its aging lineup. The company posted two cryptic clips on X over the weekend, hinting at the upcoming unveiling. The clips showed headlights and a wheel spinning, accompanied by the date "10/7," which is the U.S. format for October 7. The new Model Y is expected to be based on current manufacturing and design platforms, with a focus on stripping down costs. Musk has been clear about his desire to make the car more affordable to boost sales. In July, he stated that the high demand for the car is hindered by customers' lack of sufficient funds . Tesla has set ambitious targets, including delivering 20 million vehicles over the next decade. Affordable cars will be key to achieving this goal. The company has also announced plans to roll out a stripped-down version of its Model 3 midsize sedan. While analysts and investors are eagerly awaiting the announcement, the exact price, driving range, and cost-cutting measures for the new Model Y remain unknown. Musk initially promised that production would start by the end of June, but only "first builds" were produced by July, with availability to customers expected by the end of the year. Tesla's pivot towards artificial intelligence, with a focus on robotaxis and humanoid robots, is also expected to impact its vehicle lineup. The new affordable Model Y is part of Tesla's broader strategy to remain competitive in the rapidly evolving EV market.