Tesla cuts prices of Model S and Model X in the U.S. to boost sales

Tesla Inc. slashed prices for its Model S and Model X vehicles in the US late Sunday to boost sales in the final month of the first quarter.

According to Tesla’s website, the price of the Model S sedan has been slashed by $5,000, with the basic version slashed to $89,990 from the previous $94,990, and the high-performance Plaid version to $109,990 from $114,990. The Model X SUV has been slashed by $10,000, with the Basic version dropping from $109,990 to $99,990 and the Plaid version dropping from $119,990 to $109,990.

January, Tesla, price cuts Its Model 3 and Model Y vehiclesWhile this has raised concerns on Wall Street about sluggish demand and declining profit margins, Piper Sandler analyst said the move could be successful in boosting sales and increasing market share.

last week, Tesla held its annual investor day Executives said electric car makers are determined to bring down manufacturing costs and consumer prices. “People’s desire to own a Tesla is very high. FactSet records show CEO Elon Musk said his ability to pay Tesla is a limiting factor.

tesla stock

Compared to the S&P 500, it has surged 60% year-to-date but is still down about 30% over the last 12 months.

It will increase by 5% in 2023 and decrease by 6.5% over the past year.

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