Elon Musk-owned Tesla Inc has cut the prices of its electric vehicles (EVs) across its line-up in the US for the second time, which might be in an effort to boost sales before the end of the quarter. According to TechCrunch, the EV firm has lowered the prices of its Model S sedan and Model X SUV.
The Model S all-wheel drive is now available for $89,990, which is down 5.2 per cent or about $5,000 from $94,990, while the Model S Plaid is now at $1,09,990, down 4.3 per cent from $1,14,990, according to the report.
In addition, the Model X all-wheel drive is now available for $99,990, down 9.1 per cent or $10,000 from $109,990, while the Plaid is now priced at $1,09,990, down 8.3 per cent from $1,19,990, the report said.
In January, Tesla drastically lowered the prices of EVs across its line-up in the US and Europe, in an effort to boost sales as its stock plummeted more than 60 per cent. The least expensive EV, the Model 3 RWD, has dropped from $46,990 to $43,990, while the Model Y Long Range’s price decreased 20 per cent from $65,990 to $52,990.
Price reductions were made to other models too, including the performance versions of the Model 3 and Model Y, and the plaid versions of the Model S and Model X.
Meanwhile, Tesla, arguably the most popular EV-maker in the world, has been sued along with CEO Elon Musk by shareholders in the US over the company’s safety claims on the cars’ Full Self-Driving and Autopilot features. As reported by Reuters, shareholders in a proposed class action suit filed in a San Francisco federal court, claimed that Tesla has defrauded them over four years.
Tesla Chief Financial Officer Zachary Kirkhorn and his predecessor Deepak Ahuja are also defendants.
The class action claimed that Tesla concealed how its technology “created a serious risk of accident and injury” with false and misleading statements. Tesla has been under the scanner for quite some time now due to several fatal crashes in the US.
The US National Highway Traffic Safety Administraion (NHTSA) have been investigating Tesla’s self-driving claims, and the Securities and Exchange Commission (SEC) was also investigating autopilot claims. Tesla’s stock prices have been on a rollercoaster ride ever since news of false company claims started surfacing.
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