Business Desk 
Oct 07, 2025
Tesla is set to announce a less expensive version of its top-selling Model Y SUV on Tuesday to increase sales and reclaim market share, given the growing competition in the worldwide electric vehicle (EV) market.
The company, with CEO Elon Musk, has talked about delivering a mass-market EV for some time now; however, as reported by Reuters, last year the company cancelled plans for an all-new EV car at a price of $25,000.
However, the new vehicle is set to use existing manufacturing and design platforms, rather than being an all-new car, and to be a low-cost, high-volume addition to the company’s offerings.
Over the weekend, Tesla released two short teaser clips on X (formerly Twitter), which included one of headlights in the dark and the second, a spinning wheel and the date “10/7” that left fans intrigued.
Although there has been no indication from the automaker that there will be a live event scheduled for the announcement, analysts and investors hope that the company will reveal some sort of product announcement.
What is likely to matter most to potential buyers will be the price and range of the car. Musk has previously stated that the price of the new car will be under $30,000, including US tax credits, but following the end of the $7,500 EV tax credit recently, the Tesla models have become more expensive and could be a risk to slowing sales for the rest of the year.
Tesla has already been facing challenges from Chinese and European EV makers, as well as criticism linked to Musk’s political views. Earlier this year, the company introduced an upgraded Model Y with new light bars and a rear touchscreen.
