Tesla Introduces New Model to Boost Sales

Tesla has introduced a new version of its Model Y, priced at $61,990 at launch, according to the company's website.

Instead of releasing entirely new models, Tesla is focusing on offering different versions and specifications of its Model Y and the compact sedan Model 3 to encourage consumer interest.

Last year, the company launched the longer version of the Model Y, known as the Model Y L, in China. This move helped support sales in the Chinese market despite intense competition from BYD and other local automakers.

Following this, Tesla expanded the marketing of this model to other markets within the Asia-Pacific region. The new three-row seating version, capable of traveling approximately 520 kilometers on a single charge, is expected to revive demand in the U.S. market after a slowdown caused by the elimination of the federal tax credit last year.

The announcement of the new model coincided with Tesla's earlier report on Thursday of record deliveries in the second quarter, surpassing Wall Street expectations. This growth was driven by a sales rebound in Europe, raising hopes that Tesla can end two consecutive years of annual sales declines by 2026.