Tesla to cut car prices in North America, China

It was not immediately clear by how much Tesla was cutting its prices.

Get all the latest news on coronavirus and more delivered daily to your inbox.  Sign up here.

Continue Reading Below

Tesla Inc said on Wednesday it will cut prices of its electric vehicles in North America as the firm ramps up car production at its Fremont, California, factory after the easing of coronavirus lockdowns.

ELON MUSK RECEIVES BILL ACKMAN PROPOSAL FOR NEW TESLA HEADQUARTERS

The price cut comes as states after lockdowns during which demand for cars waned.

It was not immediately clear by how much Tesla was cutting its prices or when the cuts would take effect.

TESLA'S TEXAS TAXES: ELON MUSK COULD BENEFIT FROM LONE STAR STATE GIGAFACTORY

The company’s Model S sedans will now be priced from $79,990, and its Model X sport utility vehicles from $84,990, according to its website. The cheapest Model 3 sedan will be priced at $37,990, the website said.

Tesla said it will also cut prices in China, the company’s usual practice after price adjustments in the United States.

Tesla China said in a Weibo post it will cut prices for the Model S and Model X cars it imports, but keep prices of locally-made Model 3 cars unchanged.

GET FOX BUSINESS ON THE GO BY CLICKING HERE