The electric carmaker's shares fell on Tuesday after the launch of new stripped-back versions of Tesla's best-selling Model Y and 3.

Elon Musk has said his automaker would sell an affordable Model Y, as “people don’t have enough money in the bank account to buy it” despite high demand.

The starting prices of $39,990 and $36,990 were too high, some said, to attract a new class of buyers to the electric vehicle brand.

"I'm definitely not buying them. For the same price, there are far more options I can get from local automakers," one user wrote on Weibo.

After getting fans' hopes up for a $25,000 EV, Tesla opts for just a slight trim off the purchase price and cuts some creature comforts.

But the carmaker's shares tumbled about 4% as investors were underwhelmed by the announcement. In the US, the new versions of its Model Y mid-sized sport utility vehicle and Model 3 sedan are priced only $5,000 less than previous versions.

The "standard" versions of Model Y and Model 3 will not have "Autosteer," a radio, or all-wheel drive.

Today, Tesla announced a new variant of the Model Y crossover for North America. Tesla fans have long-awaited a cheaper entry-level model; this was supposed to be the $25,000 Model 2. But the development of that electric vehicle was shelved earlier last year as CEO Elon Musk began to lose interest with car-making in favor of humanoid robots.

Tesla Inc. shares recovered some ground Wednesday after a rout in the previous session as cheaper Model 3 and Model Y versions disappointed many who hoped for entirely new cars or even more affordable prices. Beyond some investors buying in the dip, there could be a couple of reasons for Wednesday’s turnaround.

A lawsuit filed in California alleges Musk’s Tesla is actively prioritizing H-1B hires over U.S. workers, with one plaintiff claiming he was going for a job at the company, after being contacted by a recruiter, only to be told that the position was H-1B only.

Teslas can park themselves when they arrive at your destination -- and you can pick whether that's on the street, in a driveway or in a parking garage. The car will remember your preference for next time. While the software already allowed for a more basic level of parking, v14 improves on this.