14 Things to Know About the Latest Tesla Model S Price Drop

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.

Close up image of the Tesla (TSLA) logo on the front of a car.
Source: Tudoran Andrei / Shutterstock.com

Here’s what to know about the Tesla Model S price drop.

  • 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.

Article printed from InvestorPlace Media, https://investorplace.com/2020/10/latest-tesla-model-s-price-drop-details/.

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