Tesla cuts US prices for 3 of its electric vehicle models after a difficult week
Tesla knocked USD 2,000 off the prices of three of its five models in the United States late Friday, another sign of the challenges facing the electric vehicle maker led by billionaire Elon Musk. The company cut the prices of the Model Y, a small SUV which is Tesla's most popular model and the top-selling electric vehicle in the US, and also of the Models X and S, its older and more expensive models. Prices for the Model 3 sedan and the Cybertruck stayed the same.
The cuts reduced the starting price for a Model Y to USD 42,990 and to USD 72,990 for a Model S and USD 77,990 for a Model X.
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The move came the day after Tesla's stock tumbled below USD 150 per share, eliminating all gains made over the past year. The Austin, Texas, company's stock price has dropped about 40 per cent so far this year amid falling sales and increased competition. Discounted sticker prices are a way to try to entice more car buyers.
Musk posted early Saturday on X, the social media platform known as Twitter before he acquired and renamed it, that the cost of an entry-level Tesla was as low as USD 29,490 once a federal tax credit and gas savings were factored in.
Industry analysts have been waiting for Tesla to introduce a small electric vehicle that would cost around USD 25,000, the Model 2. Media reports this month that Musk planned to scrap the project created more uncertainty over the company's direction, although Musk called them untrue.
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