Tesla has slashed pricing for its Model 3, Model X, and Model S models as the coronavirus pandemic ravages US car sales.
According to the electric-car manufacturer’s website, the Model 3 — Tesla’s cheapest offering — now starts at $37,990, down $2,000 from its previous retail price of $39,990. The Model S sedan, which used to carry a base price of $79,990, can now be had for $74,990. Tesla’s priciest model, the Model X crossover SUV, also got a $5,000 price cut that brings its base price to $79,990.
Pricing for the Model Y, the newest addition to Tesla’s lineup, remains unchanged at $52,990 for the base model. Advertisement
Tesla did not immediately respond to Business Insider’s request for comment, nor did it issue an official explanation for the changes. However, the company probably cut prices in an effort to boost new-vehicle sales as areas across the US begin loosening lockdown restrictions and reopening their economies.
US car sales likely dropped by half in April as compared with the same month last year, Reuters reported, citing data from J.D. Power. For the first quarter of 2020, nearly every major automaker reported plummeting sales as the coronavirus pandemic kept buyers home and sent the global economy tumbling.
