Tesla has also been faulted for not launching an entirely new EV in looks and technology except for the Cybertruck, which has limited appeal and carries a price tag of around $80,000 for its cheapest trim. Musk in July said that a stripped-down version of the Model Y, Tesla’s most popular vehicle, is one of those long-awaited cheaper EVs.

Tesla teased an October 7 event, in which investors and analysts anticipate a more affordable model to sustain sales momentum, sending the shares of the Elon Musk-led electric automaker 4% higher on Monday.