Tesla slashes prices on its two most expensive models

[Shawn Knight]

The big picture: Tesla has lowered the price on its two most expensive EVs in a bid to make its premium models accessible to more buyers. The cuts range from four percent to nine percent, and could signal the start of a price war in the EV industry.

Tesla's standard Model S sedan now starts at $89,990 after a five percent price cut of $5,000. Similarly, the Model S Plaid is now $5,000 cheaper and starts at $109,990. The Plaid is a higher-performance version of an already quick EV, boasting an eye-watering 0-60 mph time of 1.99 seconds and a top speed of 200 mph with an EPA estimated range of 396 miles on a single charge.

The Model X SUV, meanwhile, saw a bigger $10,000 price cut across both variants. The standard model can now be had for $99,990 with the performance-minded Plaid starting at $109,990.

According to Reuters, they represent the fifth price adjustment since the start of 2023.

During Tesla's investor day earlier this month, CEO Elon Musk hinted that additional price cuts could be in the cards. "The desire for people to own a Tesla is extremely high. The limiting factor is their ability to pay for a Tesla," he noted.

The EV maker's stock has been on a roller coaster ride since late last year. In mid-September, shares were trading at just over $300 but by the end of December, the stock had lost about two-thirds of its value and was down to $109. The road to recovery has been slow but steady ever since as shares are flirting with the $200 mark as of this writing.

It's worth mentioning that while the Model S and Model X are Tesla's higher-end vehicles, they aren't the company's bread and butter. In 2022, Tesla delivered just 66,705 Model S / X vehicles compared to 1,247,146 examples of the more affordable Model 3 and Model Y.

Looking ahead, Tesla is working on a new version of the Model 3 that's scheduled to enter production later this year. Changes are also in store for the Model Y in 2024 along with full production of the Cybertruck.

Image credit: Model S by Bruno Martins, Interior by Ivan Kazlouskij

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https://www.techspot.com/news/97829-tesla-slashes-prices-two-most-expensive-models.html

 

[Uncle Al]

Sorry, they can't make it cheap enough for me to want one. ANY car company that maintains the capability to shut down, lock out, or control my car won't see a penny of my money ...... ever!

 

[netman]

"Tesla slashes prices on its two most expensive models"

Not enough...! Or, too little, too late...! There are better options than Tesla...both on features and price...!

 

[wiyosaya]

Musk's only error in this is thinking that it will entice more people to buy one. Musk's foibles are rooted in his own hubris.

 

[kapital98]

Competition is good. Even if Tesla isn't the new kid on the block.

The Model 3 is a great car. Not very comfortable or luxurious though (especially for the price). The higher end models may not be the most price competitive but they're still great cars and respectable in their price range.

 

[Homerlovesbeer]

The Tesla hate is strong on this website........

 

[toooooot]

Would be cool of electric cars became more modular. Same modules for most cars, same simple parts that make parts dirty cheap. Cheap to make, cheap to install. That would be very nice.

 

[BobDolesGhost]

The Tesla hate is strong on this website........

I think its mostly Elon hate, but theres plenty that hate Tesla by association as well. I love my model 3 and would say I was an Elon fan, but thats faded. I don't hate him, but has been slowly losing my admiration for the past 3'ish years. If he would just stfu and stay away from twitter (both tweeting and purchasing), I doubt there would be so much hate directed at him and his companies

 

[rsmith222]

The Tesla hate is strong on this website........

Or people are exasperated by a company that leads the industry in unreliability yet has such high devotion from buyers, if Consumer Reports is to be trusted. That the person most associated with the company is odious doesn't help.