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BUZZ-Tesla falls after unveiling cheaper EV models

Reuters
Oct 08
BUZZ-<a href="https://laohu8.com/S/TSLA">Tesla</a> falls after unveiling cheaper EV models

** Tesla's TSLA.O shares are down 4% to $434.51 after unveiling more affordable versions of its best-selling Model Y SUV and its Model 3 sedans, as the electric-vehicle maker seeks to reverse falling sales and waning market share amid rising competition

** TSLA extended losses following the announcement and is on track for biggest daily percentage decline since October 2

** The sedans will be priced at $39,990 and $36,990, respectively

** Both versions, called Standard, offer 321 miles (516 km) of range and less powerful acceleration than the current higher trims, called Premium

** TSLA is up 7.6% YTD vs NASDAQ Composite Index's .IXIC 18% increase

(Reporting by Chibuike Oguh in New York)

((Email: Chibuike.Oguh@thomsonreuters.com; Phone: +332-219-1834; Reuters Messaging: chibuike.oguh.thomsonreuters.com@reuters.net))

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