Tesla reduces price of Model S and X for third time in a single year: Report

For the third time this year, Tesla Inc. has reduced the cost of its Model S and X, according to Bloomberg. Reports claims that the price of the premium Model S sedan has been reduced by $5,000 and now starts at $84,990. The Model X now has a starting price of $94,990, which is a $5,000 reduction.

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Elon Musk, the chief executive officer, has promised to prioritise volume over profit margins, prompting the price reduction. According to Tesla, even tiny price changes can have a significant impact on demand. Only 10,695 of the 422,875 vehicles the business shipped globally in the first quarter were the S and X.