Tesla Inc. CEO Elon Musk conceived the automaker’s breakthrough Model 3 sedan as a people’s car, an electric vehicle affordable to the masses. But the EV maker is now giving up market share to rivals undercutting Tesla on price.

With the base Model 3 now starting at nearly $50,000 and the popular Model Y crossover above $65,000, Tesla is losing share to competitors that can deliver under the $50,000 level, S&P Global Mobility said in a report Tuesday.

Those fresh rivals include electric crossovers such as the Ford Mustang Mach-E and Hyundai Ioniq 5. Smaller hatchbacks with several years on the market, such as the Chevrolet Bolt and Nissan Leaf, start below $30,000.

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Less Expensive Rivals Begin Chipping Away At Tesla's Market Share

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