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Tesla's back-to-back price cuts put sticker on US Model S below $70,000

Tesla Inc will further cut the price of its Model S "Long Range" sedan in the United States to $69,420, the electric carmaker's chief executive, Elon Musk, announced in a tweet

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Tesla | Elon Musk

Reuters 

Photo: Reuters
Photo: Reuters

(Reuters) - Inc will further cut the price of its Model S "Long Range" sedan in the United States to $69,420, the electric carmaker's chief executive, Elon Musk, announced in a tweet on Wednesday.

The anticipated drop marks the second time this week has cut the price for the high-end sedan, following a 4% cut of the Model S's price in the United States on Tuesday to $71,990.

shares were up 3.6% at $462.72 late on Wednesday afternoon.

The company also on Tuesday reduced by 3% the price of its Model S in China, where it had previously cut the starting price of its Model 3 sedan.

"The gauntlet has been thrown down! The prophecy will be fulfilled. Model S price changes to $69,420 tonight!" Musk tweeted. His reference to a prophecy was not immediately clear.

Tesla's Model S was introduced in 2012, but in recent years the car has faced competition from Tesla's less expensive, mass-market Model 3 sedan, launched in 2017. The Model 3 currently starts at $37,990 in the United States.

 

 

(Reporting by C Nivedita in Bengaluru and Tina Bellon in New York; Editing by Anil D'Silva and Matthew Lewis)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Thu, October 15 2020. 07:27 IST
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