Tesla cut prices of Model 3, Models Y cars in US after quarterly sales miss
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Tesla shipped 435,059 vehicles last quarter, around 20,000 fewer than expected.
PHOTO: REUTERS
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Bengaluru – Billionaire Elon Musk’s Tesla has cut again prices on its most popular electric vehicles in the United States, days after its third-quarter deliveries missed estimates.
The Model 3 sedan was lowered to US$38,990 (S$53,305) from US$40,240, according to Tesla’s website. The long-range Model 3 fell to US$45,990 from US$47,240, and the performance model was reduced to US$50,990 from US$53,240. The Model Y performance sport utility vehicle was discounted to US$52,490 from US$54,490.
Tesla shipped 435,059 vehicles last quarter, around 20,000 fewer than expected. It will need to deliver more than 475,000 cars this quarter to meet its 1.8 million target for the year.
Tesla has taken several steps to boost sales this year, including price cuts designed to stoke demand amid higher interest rates and inflation, with markdowns as large as 34 per cent for the Model X.
Tesla doesn’t break out sales by region, but the US and China are its largest markets and Model 3 and Model Y vehicles account for the bulk of sales. BLOOMBERG
