Tesla unveiled a lower-priced version of its Model 3 and Model Y electric vehicles. The auto manufacturer believes the more affordable EVs will revitalize consumer sales after global car deliveries dipped last year, Reuters reported, citing estimates from financial research company Visible Alpha.

Tesla, which faces growing competition, has lost ground as it has been slow to offer new, more affordable vehicles, despite its release of a new Model Y version this year. Boss Elon Musk had previously promised a cheaper car but abandoned those plans last year to focus on robotaxis and humanoid robots.

The electric carmaker's shares fell on Tuesday after the launch of new stripped-back versions of Tesla's best-selling Model Y and 3.

Teslas can park themselves when they arrive at your destination -- and you can pick whether that's on the street, in a driveway or in a parking garage. The car will remember your preference for next time. While the software already allowed for a more basic level of parking, v14 improves on this.

In today's Tech Bytes, Tesla just introduced two less expensive electric vehicles. The standard Model 3 sedan and the standard Model Y SUV come with fewer features.

Called Standard, the new base Model 3 and Model Y are designed to keep the barrier to entry of Tesla’s EVs low in the wake of federal tax credits disappearing at the end of September.

Tesla's sales volume in Germany fell by 9.4% in September, the German road traffic agency KBA said on Monday, although overall sales of battery electric vehicles rose by 31.9% year on year.

A gasoline car uses a fuel pump and gasoline pushed in. You plug the car in and electricity flows into the battery. So instead of a fuel tank, you've got a battery. That big yellow thing is a really large battery.

Tesla reported a surprise increase in sales in the third quarter as the electric car maker likely benefited from a rush by consumers to take advantage of a $7,500 credit before it expired on Sept.

Elon Musk has said his automaker would sell an affordable Model Y, as “people don’t have enough money in the bank account to buy it” despite high demand.