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.

"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.

Tesla unveiled less expensive versions of its Model 3 and Model Y vehicles on Tuesday after months of anticipation.

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.

With one video showing a spinning vehicle part and the date "10/7," many Tesla fans are expecting the long-anticipated "more affordable" Model Y.

Even so, the slumping sales seem unlikely to have a major effect on Tesla's stock price. The shares have declined by only single-digit percentages since the Q3 numbers came out, and the stock is still up by more than 6% year-to-date:

Version 14.2 was recently described by Musk as “almost like it is sentient,” hinting at the impressive self-driving capabilities of the system. In the meantime, Tesla influencer Sawyer Merritt has just shared all the new features found in 14.1 via X, and it’s a lot to take in.

Tesla teased an October 7 event, in which investors and analysts anticipate a more affordable model to sustain sales momentum.