Pakistan, Oct. 7 -- Tesla is gearing up to unveil a more affordable version of its popular Model Y SUV on Tuesday, in an effort to revive declining sales and strengthen its market position amid tough global competition. The move marks a crucial step for the company as it faces pressure from rising electric vehicle (EV) rivals in China, Europe, and the United States.

The upcoming Model Y is expected to be a cost-effective version built on Tesla's existing design and manufacturing platforms, rather than a completely new vehicle. CEO Elon Musk has long promised an affordable EV, but last year he canceled plans for a $25,000 model. Analysts expect the new Model Y to fill that gap and attract budget-conscious buyers seeking premium electric o...