Tesla Inc. slashed prices of its Model S sedan and Model X SUV in the US late Sunday night by $5,000 and $10,000 respectively as the company seeks to goose demand in the final month of the quarter.
The Model S all-wheel drive is now $89,990, down 5.2% from $94,990, according to the company’s website. The Model S Plaid is now $109,990, down 4.3% from $114,990.
The Model X all-wheel drive is now $99,990, down 9.1% from $109,990. The Model X Plaid is now $109,990, down 8.3% from $119,990.
Musk said last week that desire to own Teslas was “indistinguishable from infinite,” and that demand will “go crazy” as the company makes its cars more affordable. Reducing prices of S and the X models again suggests those vehicles may have gotten less of a boost from cuts the company made across its lineup seven weeks ago.
“We found that even small changes in the price have a big effect on demand, very big,” Musk said during Tesla’s March 1 investor day.
Tesla shares rose 0.5% as of 6 a.m. New York time Monday, before the start of regular trading. The stock has climbed 61% this year after plunging 65% in 2022.
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