Tesla has cut the prices of its most expensive models in the US for a second time this year, further unravelling earlier steep price increases that had contributed to a slump in demand in 2022.
The starting price of the Model S has been reduced 5 per cent to $89,990 while the cost of the lowest-priced Model X has come down 9 per cent to $99,990, according to the company’s website.
Tesla announced significant price increases for many of its vehicles in 2021 and 2022 in the face of parts shortages and long waiting lists, only to reverse course in January this year as weaker demand and rising competition ate into sales.
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