Tesla Cuts Prices of Models X and S in Attempt to Boost Demand

Tesla Inc. TSLA -1.19% lowered the prices of two of its most expensive models in the US, the Model S and Model X, by 5% and 9% respectively. Ford Motor dropped the price of its electric Mustang Mach-E weeks after Tesla's price cuts.

March 7, 2023 . 2:50 PM

1 min read

Tesla Inc. TSLA -1.19% lowered the prices of two of its most expensive models in the US, the Model S and Model X, by 5% and 9% respectively.
Tesla also cut prices in January for its two bestselling vehicles, the Model Y by 20% and the Model 3 sedan by 14%.
Tesla found that “even small changes in the price have a big effect on demand”, according to CEO Elon Musk.
Tesla shares fell 2.01% in Monday trading to close at $193.81 and its value remains less than half what it was at its November 2021 peak.
Ford Motor dropped the price of its electric Mustang Mach-E weeks after Tesla's price cuts.