Tesla (NASDAQ:TSLA) has launched a lower-cost version of its Model 3 sedan in Europe, several months after debuting the same variant in the United States, according to updated pricing on the company’s website.

The new Model 3 Standard is designed to bolster demand across the region, where rising competition from European and Chinese automakers has intensified pressure on Tesla, particularly in the entry-level EV market.

The move mirrors Tesla’s introduction of a cheaper Model Y crossover in Europe back in October, as the company works to defend market share amid a wave of more budget-friendly electric vehicle alternatives.

Pricing varies across European markets: Tesla lists the new Model 3 Standard at €37,970 ($44,299.60) in Germany, 330,056 Norwegian crowns ($32,698) in Norway, and 449,990 Swedish crowns ($47,820) in Sweden.

Tesla stock price

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