Tesla has announced new, cheaper models of its popular Model 3 and Model Y electric cars after long-promising to do so—for only $5,000 less than their original counterparts.

The Model 3 Standard and Model Y standard are priced at $39,990 and $36,990 respectively.

The company's stock surged almost 5% after they reported an incoming announcement, but dropped 4% after the new models were revealed.

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