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According to Bloomberg, Tesla has cut prices again to boost demand for its electric vehicles.
The Model S sedan now starts at $84,990, a $5,000 reduction from last month’s price.
The Model X starts at $94,990, also down $5,000.
The automaker delivered 422,875 vehicles worldwide in the first quarter.
TESLA SHARES SLIDE AFTER DELIVERIES DELIGHTED
Elon Musk, CEO of Tesla Motors and the Model X car. ((AP Photo/Marcio Jose Sanchez, file) / AP Newsroom)
The S and X models accounted for just 10,695 of those deliveries.
Other Teslas, like the Model 3 sedans and Model Y sport utility vehicles, saw their prices drop by $1,000 and $2,000, respectively, bringing those starting prices to $41,990 and $41,990, respectively.
Tesla conducted a series of price cuts in the U.S. in January, dropping prices by 20%, likely to allow some buyers to qualify for a $7,500 U.S. government tax credit.
A Tesla Model 3 sedan and a Tesla Model X sport utility vehicle in a new Tesla showroom. (Portal/Yilei Sun / Portal Photos)
Tesla is again slashing Model S and X prices by up to $10,000
This reduction in the Model Y crossover brought the vehicle below a $55,000 cap, making it eligible for the tax incentive.
A 14% cut brought the price of a high-performance version of the Model 3 sedan to $53,990, which also brought it under the ceiling.
A Tesla Model 3 is seen at a showroom in Los Angeles, California. (Portal/Lucy Nicholson / Portal Photos)
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| ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TSLA | TESLA INC. | 185.06 | -0.46 | -0.25% |
Tesla CEO Elon Musk suggested at the time that the higher interest rate environment was hurting demand.
Tesla will report the results on April 19.