Tesla has introduced cheaper versions of its two main electric vehicles—the Model 3 Standard and Model Y Standard—aiming to attract more buyers after the recent end of a $7,500 federal tax credit for EV purchases.

However, the announcement did not sit well with investors, and Tesla's stock dropped by about 4% shortly after the reveal.

The Model 3 Standard will be priced at $38,630, and the Model Y Standard starts at $41,630. Both prices include destination and order fees, CNN reported.

The new models will become available between November and January. These prices are roughly $5,000 less than the previous "Premium" versions, which were Tesla's least expensive models before.

While the price cuts might seem attractive, the Standard versions come with fewer features.

For example, t

See Full Page