Tesla Inc. (NASDAQ:TSLA) will introduce the affordable Model Y Standard trim in the European market. The Model Y Standard retails in the U.S. for $39,990 and offers an EPA range of 321 miles.
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Production Kicks Off At Gigafactory Berlin
The automaker took to the social media platform X to announce on Monday. "Model Y Standard says „Hello World" – Production at Giga Berlin has started today!" Tesla said in the post.
Quoting that post, the company's Head of Production at the Gigafactory in Berlin, André Thierig, also hailed the announcement, calling it a "remarkable milestone" for the facility. "Less than 9 months after launching Model Y Premium, we now launched the all new Model Y Standard!" Thierig said.
This comes after an earlier announcement that signaled a ramp-up in production at the facility following a strong Q3 delivery performance for Tesla that saw over 497,000 deliveries.
Tesla's Falling European Sales Despite Strong Model Y Performance
The news comes as Tesla has recorded a 10.5% decline in European sales during September in Europe, according to data shared by the European Automobile Manufacturers Association (ACEA), as Tesla sold 39,837 units during September.
This is despite the Model Y being the best-selling vehicle in the region during the same period, recording 25,938 units sold in the region. Tesla sales also fell by over 25% in the Italian market.
Tesla scores well on Momentum and Quality metrics, while offering satisfactory Growth, but poor Value. Tesla also has a favorable price trend in the Short, Medium and Long term. For more such insights, sign up for Benzinga Edge Stock Rankings today!
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