According to Electrek, Tesla has decided to reduce the prices of Model 3, Model S, and Model X in North America. After a deduction of around $5000, the new prices for Model S and Model X are $74,990 and $79,990 respectively. The more expensive Performance versions of the same models have also seen similar cuts in the prices.

A relatively smaller cut was dedicated to Model 3 as the price has been reduced by $2000 only so now the online entry-level Standard Range Plus Model 2 is available for $37,990.

Source: The Verge

Tesla posted on Weibo from its official account, saying that Model S and Model X will also receive similar deductions in China. However, Model 3 cars that are produced in China will be sold at the old price.

Even though Tesla has not revealed any particular reason for these price cuts, Reuters reports that the company has faced losses during her pandemic and is now trying to stabilize itself by increasing sales. Other automaker companies like GM, Ford, and Fiat Chrysler have also introduced incentives like zero-percent financing and deferred payment options.