Tesla (TSLA) on Friday launched a new lower-priced version of its Model 3 in Europe, a few months after rolling it out in the U.S., Reuters reported.
The Model 3 Standard is intended to help revive demand as Tesla faces intensifying competition from European and Chinese EV makers offering more affordable models.
Pricing for the new Model 3 Standard is set at €37,970 ($44,256) in Germany and 449,990 Swedish crowns ($47,849) in Sweden, according to the company’s website, while the model currently sells for $36,990 in the U.S.
The move follows the October launch of a lower-priced Model Y crossover in Europe.
Shares of Tesla (TSLA) were up 0.22% premarket at $455.32.