Tesla knocked $2,000 off the prices of three of its five models in the United States late Friday, another sign of the challenges facing the electric vehicle maker led by billionaire Elon Musk.
The company cut the prices of the Model Y, a small SUV which is Tesla’s most popular model and the top-selling electric vehicle in the U.S., and also of the Models X and S, its older and more expensive models. Prices for the Model 3 sedan and the Cybertruck stayed the same.
The cuts reduced the starting price for a Model Y to $42,990 and to $72,990 for a Model S and $77,990 for a Model X.
The move came the day after Tesla’s stock tumbled below $150 per share, eliminating all gains made over the past year. The Austin, Texas, company’s stock price has dropped about 40% so far this year amid falling sales and increased competition. Discounted sticker prices are a way to try to entice more car buyers.
Why US Catholics are planning pilgrimages in communities across the nation
The millennials taking over 'pensioner paradises': How 'Down From Londons' and under
Houston storms: At least 4 killed, power cut in 900,000 homes
Funeral set for Roger Fortson, the Black US Air Force member killed in his home by Florida deputy
Dodgers acquire pitcher Yohan Ramírez from Mets for cash
Jake Paul and Mike Tyson trade insults as they hype planned summer fight in Texas
Man kills 2 officers at police station in Malaysia in a suspected Jemaah Islamiyah attack
Rishi Sunak hints there won't be an election until AUTUMN during grilling on ITV's Loose Women
Celebrity birthdays for the week of May 26
Stock market today: World shares retreat, though China stocks are lifted by new property measures