A price drop is in effect for Tesla’s (NASDAQ:TSLA) Model S electric vehicle (EV) but it doesn’t bring it anywhere close to its cheaper offerings.
- The price drop has Tesla reducing its Model S prices by $3,000.
- That has the Long Range Plus version starting at $71,990 as compared to the previous starting price of $74,990.
- The Performance variant of the Model S now starts at $91,990 instead of $94,990.
- It’s worth pointing out that this is actually the second price drop that the Tesla Model S Long Range Plus has seen in 2020.
- The first price cut came in May and reduce its price by $5,000 from $79,990.
- Another point to keep in mind is that these price drops are also going into effect in other regions as well.
- Also, the price drop doesn’t affect the upcoming Tesla Model S Plaid, which still costs $139,990.
- Tesla doesn’t offer a reason behind the price drops for its Model S EVs today.
- However, it’s worth noting that the Model S has been losing traction with customers of late.
- Combined sales of the Model S and Model X were sitting at 15,200 units in its third quarter of 2020.
- For comparison, combined sales of those EVs were 27,660 in the same period of the year prior.
- While Model S and Model X sales are declining, the company is seeing strong Model 3 and Model Y sales.
- These are the company’s cheaper EV offerings that start at $35,000 and $49,990, respectively.
- Thanks to that, the company delivered 139,300 units in Q3, which is a record for it.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.