- NEWS Desk Global
TESLA CUTS US PRICES ON ITS MODEL Y, S AND X VEHICLES AFTER A DIFFICULT WEEK
Tesla has reduced the prices of three of its five models in the United States by $2,000, signaling the challenges the electric vehicle maker faces under Elon Musk's leadership. The price cuts apply to the Model Y, the company's popular small SUV and the best-selling electric vehicle in the U.S., as well as the older and more expensive Models X and S. However, prices for the Model 3 sedan and the Cybertruck remain unchanged.
As a result of the reductions, the starting price for a Model Y is now $42,990, while it's $72,990 for a Model S and $77,990 for a Model X. These adjustments come on the heels of Tesla's stock dropping below $150 per share, erasing all gains made in the past year. The company's stock has declined approximately 40% this year due to decreased sales and heightened competition. Lowering sticker prices is one strategy to attract more car buyers.