Shares of Tesla (TSLA -0.77%) tumbled on Friday, falling as much as 5.2%. As of 2:13 p.m. EDT, the stock was down about 4.7%.
The stock's decline comes after the company's announcement of its all-electric Model Y sport-utility vehicle, the company's lowest-priced SUV yet. Some investors may be disappointed with the fact that there weren't any notable surprises at the event.
As expected, Tesla's Model Y was a smaller and more affordable SUV than the company's pricey Model X. With a starting price of $39,000, the vehicle is positioned to be a counterpart to the Model 3, which starts at $35,000. The vehicle also steals heavily from the Model 3's design, which was also expected, since Tesla has said the Model Y would be built on the Model 3 platform and share about 75% of its components with the vehicle.
Without any surprise announcements, such as unexpected features, an earlier-than-expected production schedule, or updates to current models, some investors may be underwhelmed. Tesla has made surprise announcements at events before, including the unveiling of its revamped Roadster during its Tesla Semi event.
Check out the latest earnings call transcript for Tesla.
Just as Tesla did with the Model 3, the company will initially only deliver more expensive versions of the Model Y. Tesla is expected to begin delivering the Model Y performance, long-range rear-wheel-drive, and all-wheel-driveversions in fall of next year while starting deliveries of its standard-range $39,000 vehicle in spring of 2021.