Tesla cuts price of popular EV models in bid to increase demand
TESLA is cutting the prices of popular electric car models to increase demand.
Elon Musk’s electric car brand missed its latest market targets last week.
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Now the company is cutting prices on the Model 3 sedan and Model Y SUV to boost sales.
The Model 3 is $1,250 (£1,000) cheaper at $38,990 (£31,861), while the Model Y is $2,000 (£1,634) cheaper at $48,490 (£39,623).
Special versions of the two cars are also cheaper than before – relatively speaking.
It is unknown whether Tesla will also cut prices in the UK.
Tesla is fighting to stop US auto giants like Ford from entering the electric vehicle market.
However, shares fell 2.1% – with some investors worried the price cuts will hurt profits.
Now the electric vehicle maker is pushing to build a record 476,000 engines in the final three months of this year to meet its annual target of 1.8 million new cars.
Elon Musk believes strikes by his “Detroit Three” rivals will help non-union Tesla win the electric vehicle price war.
The company is expected to report its third-quarter results on October 18 – experts predict a sharp decline in profits.
It comes after a driver said his electric vehicle malfunctioned, trapping him in the boiling heat without oxygen – leaving him desperately screaming for help.
Another man says his neighbors hate him because he charges his electric vehicle using a cord from his window.
