Tesla cuts price of popular EV models in bid to increase demand
TESLA is cutting the price of popular EV models in a bid to increase demand.
Elon Musk’s electric car brand missed its most recent market targets last week.
Now it is slashing the prices of its Model 3 sedan and Model Y SUV to boost sales.
The Model 3 is $1,250 (£1,000) cheaper at $38,990 (£31,861), while the Model Y costs $2,000 (£1,634) less at $48,490 (£39,623).
Special versions of the two cars are also cheaper than they were before – relatively speaking.
It is not know whether Tesla will also cut prices in the UK.
Tesla is fighting to stop US auto giants like Ford muscling in on the EV market.
But its shares have fallen by 2.1% – with some investors worried that the price cuts will hurt profits.
Now the EV maker is pushing to build a record 476,000 motors in the last three months of this year, in a bid to meet its annual target of 1.8million new cars.
Elon Musk is banking that the strikes faced by its “Detroit Three” rivals will help non-unionised Tesla win the EV price wars.
The firm is set to report its third-quarter earnings on October 18 – with experts predicting a big drop in profits.
It comes after a driver said his EV malfunctioned and locked him inside with no oxygen in boiling heat – leaving him desperately screaming for help.
Another man says his neighbours hate him because he charges his EV from a cable out of his window.