After the firm reported third-quarter deliveries that fell short of market estimates, Tesla reduced the price of select Model 3 and Model Y variants in the U.S.
On Tesla’s website, the starting price for the Model 3 is now $38,990, down from its prior starting price of $40,240. The long-range Model 3 dropped from $47,240 to $45,990. Additionally, the Model 3 Performance was reduced from $53,240 to $50,990.
Model Y Performance sports utility vehicles from Tesla now start at $52,490 instead of their previous $54,490 pricing.
With concerns over sluggish consumer spending in countries like the U.S. and China and as competition in the electric vehicle industry increased, Tesla started slashing the costs of its cars beginning at the end of last year in an effort to boost demand.
Particularly in its two major markets, the U.S. and China, Tesla frequently changes the price of its vehicles.
However, the most recent wave of pricing reductions comes only days after Tesla reported third-quarter deliveries of 435,059 vehicles, missing analyst projections and decelerating from the prior quarter.
Tesla blamed the decline on facility renovations that resulted in delays at manufacturing facilities.
Source (CNBC)
