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Tesla Cuts US Prices by 3%
Electric carmaker Tesla has announced that it will be reducing the prices of its vehicles in the United States by 3%. This move comes after Tesla CEO Elon Musk previously stated that the company would be slashing production costs to make its cars more affordable.
The price reduction applies to all of Tesla’s models, including the Model 3, Model Y, Model S, and Model X. The cheapest Model 3, which is Tesla’s most popular vehicle, now starts at $36,990.
According to the company, the price cut is possible due to improvements in manufacturing efficiency and a reduction in the cost of battery cells. This marks Tesla’s third price reduction this year, following cuts in February and May.
Tesla’s decision to lower prices may help to attract more customers as competition in the electric vehicle market continues to heat up. The company is also working on expanding its production capacity to meet growing demand for electric cars.