After the low-priced Model Y, Tesla, Inc. (TSLA.US) is now introducing an affordable Model 3 in Europe.

Tesla, Inc. launched a new low-cost version of the Model 3 in the European market on Friday. The model had already been launched in the US market several months prior. Electric car manufacturers in Europe and China are introducing more affordable models in response to the increasingly intense competition in the market. Tesla, Inc. introduced the Model 3 Standard Range to help boost market demand. According to information on Tesla, Inc.'s official website, the new Model 3 Standard Range is priced at 37,970 in Germany (approximately $44,256 USD) and 449,990 Swedish Krona in Sweden (equivalent to $47,849 USD). The current price of the model in the US is $36,990. This move follows Tesla, Inc.'s introduction of a low-cost version of the Model Y crossover SUV in Europe in October. At the time of writing, Tesla, Inc.'s stock price was slightly down by 0.05%, at $454.31 before the market opened.