Tesla unveils lower-cost Model Y in drive to reignite sales

Tesla unveiled more affordable versions of its best-selling Model Y SUV and its Model 3 sedan on Tuesday at $39,990 and $36,990, respectively, as the electric-vehicle maker seeks to reverse falling sales and waning market share amid rising competition. Tesla shares fell 2.1 percent in afternoon trading. Chief Executive Elon Musk has for years promised mass-market vehicles, though last year he canceled plans to build an all-new $25,000 EV, Reuters first reported. Late last year, Musk said the vehicle would be priced below the "key threshold" of $30,000 including US EV tax credits. In the United States, prices effectively rose by $7,500 at the end of last month, when the credit ended. That helped goose quarterly sales to a record,...