Tesla's affordable Model Y is expected today, Xiaomi sets sights on luxury brands and Tesla could lose insurance arm in California.

The Tesla Model L is a long-wheelbase variant of the Tesla Model Y. It is manufactured in China and, at least for now, only available there. China is famous for its L-cars, which are long-wheelbase variants of existing cars specially developed for the Chinese market.

Tesla has been talking about launching new “more affordable models” during the first half of the year. The first half of 2025 came and went without new, cheaper models. Instead, Tesla claimed that the “first build” of the new model was produced in June, and it will launch later this year.

Tesla (TSLA) is expected to announce a more affordable Model Y on Tuesday after teasing the launch through cryptic social media posts yesterday. Yahoo Finance Senior Autos Reporter Pras Subramanian lays out what we know and examines what's at stake for CEO Elon Musk.

Updates this year streamline the G70 range, with a few modern touches added. A new Capri Blue exterior paint option replaces Tasman Blue and Burleigh Blue. The 2.5T model adds a beige interior theme but drops gray and Sport interior options, as well as higher-end cabin materials like Nappa leather and a suede headliner.

Tesla has unveiled cheaper models of two of its most popular cars in the US as it tries to boost sales on the heels of the expiration of a key US tax credit. But the carmaker's shares tumbled about 4% as investors were underwhelmed by the announcement.