KEY POINTS

Tesla unveiled cheaper versions of its popular Model Y and Model 3 electric vehicles.

New Standard models are priced $5,000 to $5,500 less than Premium versions.

Lower purchase prices also mean fewer features.

Electric vehicle giant Tesla has unveiled new, cheaper models of its Model Y crossover SUV and Model 3 sedan, two of the world’s best selling vehicles.

The Elon Musk-owned company just logged a record quarter of vehicle sales but it’s a benchmark that comes with an asterisk. A wave of EV enthusiasts made purchases ahead of a Sept. 30 sunsetting of federal tax credits worth $7,500 on new EVs and $4,000 on used vehicles. Before that surge, which drove up sales for all EV makers in the U.S. market in the last quarter, Tesla had been riding a downward trajectory.

China’s

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