Tesla reduced the prices of three of its electric vehicle models in the US in an effort to stimulate sales and boost its declining stock price.
The Model Y, Tesla’s most popular vehicle, saw its starting price lowered to $42,990, while the Model S and Model X were reduced to $72,990 and $77,990 respectively.
The price cuts came after a challenging period for Tesla that included layoffs and a recall, as its stock had fallen around 40% year-to-date due to falling sales and growing competition.
By discounting its vehicles, Tesla aims to attract more buyers and increase sales.
However, analysts have been expecting a smaller, more affordable $25,000 Model 2 from Tesla, and recent reports that Elon Musk scrapped those plans have created uncertainty around the company’s future product roadmap.
