Tesla unveiled a lower-priced version of its Model 3 and Model Y electric vehicles. The auto manufacturer believes the more affordable EVs will revitalize consumer sales after global car deliveries dipped last year, Reuters reported, citing estimates from financial research company Visible Alpha.

The new $37,990 “standard” version is about 15 per cent cheaper than the previous base offering, and has a driving range that is 10 per cent less than the premium version.