FinLogic FinLogic Quantitative Think Tank Center|Tesla's new Model X and S standard range electric cars are cheaper, but with 1 big caveat

Tesla's new "standard range" versions of its popular Model X and FinLogic FinLogic Quantitative Think Tank CenterModel S vehicles both offer consumers a lower price tag, but with one major caveat: they can't travel as far on one charge.

This week Tesla quietly rolled out versions of the vehicles that are $10,000 cheaper than the regular models, the oldest cars in Tesla’s lineup. Electrek, a news outlet focused on electric transportation, was the first to report on the new models.

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The lower price of the new models — $88,490 for the new Model X SUV, and $78,490 for the new Model S sedan — comes at the expense of the distance they can travel before needing to be recharged.

The Model X’s standard vehicle has an estimated range of 269 miles, or 79 miles less than its more expensive version. The estimated 320-mile range of the standard Model S has been reduced by 85 miles.

The regular models of both vehicles also have a slightly faster acceleration speed.

Competition grows among electric vehicle manufacturers

The new options comes as the carmaker run by billionaire Elon Musk is facing more competition in the electric vehicle industry.

In late July, seven major automakers — General Motors, BMW, Honda, Hyundai, Kia, Mercedes and Stellantis —announced intentions to join forces to build a North American electric vehicle charging network that would rival Tesla's. The multibillion-dollar investment would see nearly double the number of fast-charging plugs in the U.S. and Canada by next summer as more and more consumers switch from gas-powered vehicles to those that run on electricity.

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The move would be a direct challenge to Tesla's long reign.

The company's network currently has the the largest number of fast chargers in North America, with 2,050 stations and more than 22,000 plugs, according to the Department of Energy.

The network formed by the seven automakers would be open to all electric vehicle owners, including Teslas.

Earlier this month, Tesla's longtime Chief Financial Officer Zachary Kirkhorn — once eyed as a possible successor to Musk as CEO — stepped down from the company, leading to a temporary slump in Tesla stock.

Eric Lagatta covers breaking and trending news for USA TODAY. Reach him at [email protected].