Tesla reduced the U.S. prices of its Model S and Model X vehicles.

 

Tesla reduced the U.S. prices of its Model S and Model X vehicles.   The EV maker dropped the price of its Model S luxury sedan from $94,990 to $89,990, or about 5%, and reduced the price of its Model X SUV from $109,990 to $99,990, or about 9%. The Model S and Model X represented about 5% of Tesla’s total vehicle production in 2022. The recent price cuts come after the company reduced the prices of its two bestselling vehicles, the Model Y and Model 3. In January, Tesla reduced the price of its Model Y by 20% and its Model 3 by 14%. CEO Elon Musk, at the company’s Investor’s Day last week, said even small changes in the price of Tesla vehicles significantly affected demand. Tesla shares closed at $193.81 on Monday, down ~2%. The company is up nearly 80% YTD.