Tesla’s new Model Y focuses on refinement over revolution with upgraded comfort, efficiency, and design tweaks that make it more livable than ever.

The cheaper Model Y we’ve all been waiting for is here. Can it compete with a growing number of competitive rivals?

Tesla unveiled a more affordable version of its best-selling Model Y SUV on Tuesday starting at $39,990, as the electric-vehicle maker seeks to reverse falling sales and waning market share amid rising global competition.

The so-called Model Y Standard has leaked online, offering fewer features and luxuries along with a reported $5K savings over the current base version

On Tuesday, the EV giant unveiled the long-awaited budget-friendly version of the Model Y, along with a cheaper Model 3.

Tesla's Standard Model 3 sedan will retail starting at $36,990 and the Standard Model Y SUV will start at $39,990.

In addition, Tesla ( NASDAQ: TSLA) unveiled a new price for its standard rear-wheel drive Model 3 of $36,990. While Tesla ( TSLA) topped expectations with its Q3 deliveries report, analysts do not expect that tally to be matched in the next couple of quarters due to the pull-forward of electric vehicle demand to capture the EV tax credit.

The cheaper versions of the refreshed Model Y and Model 3 aren't brand new models, but they introduce a more affordable starting price for electric car shoppers.