Tesla has announced the launch of a new rear-wheel drive Model Y variant in the U.S., which is priced at $43,990, making it $3,750 cheaper than the previous base model. This move comes shortly after the company reported a larger-than-expected decrease in third-quarter deliveries. The new Model Y variant is set to have an official range of 260 miles, with deliveries expected to begin in October-November. This is not the first time Tesla has offered a rear-wheel drive Model Y, as it has been available in China and Europe for some time. However, the previous base model with 4680 cells is no longer available.
In other news, Tesla reported that it delivered 435,059 vehicles in the third quarter, which is a 6% drop compared to the previous quarter’s record of 466,140. Analysts had anticipated around 455,000 deliveries, but the consensus was revised down from approximately 470,000 in recent weeks. Tesla attributed the decrease in production to factory upgrades, although high inventories may have also played a role. Looking ahead, the company is preparing to release the updated Model 3 and possibly the Cybertruck in the fourth quarter.
Despite the disappointing delivery figures, Tesla stock initially dropped but recovered to close up 0.55% at $251.60. Investors are optimistic about a rebound in deliveries in the fourth quarter, along with the potential for self-driving technology and artificial intelligence. The stock closed just above the 50-day line and is currently working on a cup-with-handle buy point at $278.98, according to MarketSmith.
