Tesla’s back-to-back price cuts put sticker on U.S. Model S below $70,000

In this news, we discuss the Tesla’s back-to-back price cuts put sticker on U.S. Model S below $70,000.

(Reuters) – Tesla Inc TSLA.O will further reduce the price of its Model S “Long Range” sedan in the United States to $ 69,420, chief electric carmaker Elon Musk said in a bit tweet on Wednesday. ly / 2H0JCP0.

The expected drop marks the second time this week that Tesla has slashed the price of the premium sedan, following a 4% reduction in the price of the Model S in the United States on Tuesday to $ 71,990.

Tesla shares rose 3.6% to $ 462.72 on Wednesday afternoon.

The company also slashed the price of its Model S in China by 3% on Tuesday, where it previously lowered the starting price of its Model 3 sedan.

“The gauntlet has been cast! The prophecy will be fulfilled. Model S price drops to $ 69,420 tonight!” Musk tweeted. His reference to a prophecy was not immediately clear.

Tesla’s Model S was introduced in 2012, but in recent years the car has faced competition from Tesla’s cheaper, mass-market Model 3 sedan, which launched in 2017. The Model 3 currently starts at $ 37,990. in the USA.

Reporting by C Nivedita in Bengaluru and Tina Bellon in New York; Edited by Anil D’Silva and Matthew Lewis

Original © Thomson Reuters Corporation

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