Tesla cars became cheaper overnight.
The electric car company decided to give its prices a proper trim without much fanfare. Electrek noticed price cuts ranging from $2,000 to $5,000, depending on the model. Tesla later confirmed the price cuts to CNBC.
The cheapest listed Model 3, for example, now costs $37,990, down from $39,990. The Model S starts at $74,990, which is a $5,000 reduction. And the Model X starts at $79,990, which is $5,000 less than yesterday’s price.
All the pricier trims are also cheaper than yesterday. For example, a Dual Motor All-Wheel Drive Model 3 with Long Range now costs $46,990, down from $48,990. And the Performance Model 3 costs $54,990, down from $56,990. Pricier Model S and Model X trims all got a $5,000 price reduction.
It’s worth noting that the cheapest Model 3 still costs $35,000, but that one’s not listed on Tesla’s website; you have to call Tesla or physically visit a Tesla store to get it.
The price of Tesla’s Model Y, for which the deliveries started in March, remained unchanged.
Tesla told CNBC it would cut prices in China as well.
Like all carmakers, Tesla is likely struggling to keep revenue afloat during the coronavirus pandemic, which temporarily halted production and decimated sales. The price drop is likely an attempt to increase sales amid weakening demand.
And while car prices may have lowered, a certain Tesla feature is getting pricier soon. Tesla CEO Elon Musk recently said that the Full Self-Driving option will cost $1,000 more starting July 1.