As per information on Tesla’s website, the company has recently reduced the prices of its two highest-priced electric vehicles in the United States. This decision comes after Elon Musk’s announcement that previous price cuts on other models had led to an increase in demand.
Tesla has made five price adjustments this year, including reductions of 4% and 9% on the prices of Model S and Model X, respectively. Musk has stressed the importance of lowering prices to boost demand and has witnessed success in generating orders through global discounts that were put in place earlier this year.
In January, Tesla implemented price reductions in all of its markets, which some analysts interpreted as the start of a price competition among electric vehicle manufacturers. Tesla’s website shows a $5,000 price reduction on both versions of the Model S, with the base model experiencing a 5% reduction to $89,990 and the performance variant seeing a 4% reduction to $109,990.
Tesla’s website also confirms a $10,000 price reduction on both the base and performance versions of the Model X. The base, AWD Model X has experienced a 9% price cut to $99,990, while the performance Plaid version’s price has been reduced by 8% to $109,990. According to Reuters, Tesla intends to launch a new version of the Model 3, called “Highland,” later this year, and make changes to the Model Y, code-named “Juniper,” next year.
Photo Credit: Tesla