Tesla cuts its EV prices by 6 per cent in the US

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Tesla has slashed prices of its electric vehicles by 6 per cent in North America following a decline in auto demand during the coronavirus lockdown.

Tesla website’s showed the starting price for its Model S sedan is now $74,990, down from $79,990.

Its Model X SUVs are now priced at $79,990, from $84,990, and the lowest-priced Model 3 sedan is $2,000 cheaper at $37,990.

Tesla also said its Supercharger quick-charging service will no longer be free to new customers of its Model S sedans and Model X sport utility vehicles (SUVs).

Auto retail sales in the US halved in April from a year earlier. However, sales in May are likely to improve due to a slow increase in demand and incentives offered by most carmakers as lockdown measures start to ease.

Automakers, including General Motors, Ford and Fiat Chrysler, are offering zero per cent finance rates and deferred payment options for new purchases.

US factories started to reopen earlier this month with suppliers preparing to support an auto industry employing nearly a million people.

Tesla was briefly forced to stop work at its Fremont, California, factory due to lockdown orders but it resumed production after resolving a dispute with local authorities over safety measures.

Tesla also said it will cut prices in China by around 4 per cent for the Model X and Model S.



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