Tesla cuts car prices by up to $ 5,000

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Tesla reduced the price of Model 3, Model S and Model X in North America, Electrek reports. The S and X models both saw price reductions of $ 5,000 to $ 74,990 and $ 79,990 respectively for their entry-level Long Range Plus versions, while their more expensive Performance versions were also reduced by $ 5,000. Model 3 received a smaller $ 2,000 price reduction in all versions, with entry-level online Standard Plus Model 3 starting at $ 37,990. The price of Model Y, Tesla’s new car, is unchanged.

A Weibo post from Tesla’s official account confirmed that the company will also cut prices for Model S and Model X cars sold in China. However, the Chinese price of its domestically produced Model 3 cars will not be reduced as part of the changes.

The electric car company did not give an official reason for the price reductions, but Reuters Tesla is trying to boost sales after declining demand for vehicles caused by the COVID-19 pandemic. Retail sales of automobiles are estimated to have halved in April from a year earlier, with people obeying home orders and cutting back on non-essential travel. Other automakers such as GM, Ford and Fiat Chrysler offer 0% financing and deferred payment options.

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