Elon Musk-led Tesla cut prices of its Model 3 and Model Y vehicles in the US by about 2.7% to 4.2%, the electric vehicle (EV) maker’s website showed on Thursday, about a month after it slashed prices for its premium Model S and Model X cars.
Tesla has been cutting prices aggressively this year to counter the effect of a slowing EV market, while fending off competition from upstarts and legacy players.
The Model 3 sedan is cheaper by $1,250 to $38,990, while prices of the Model Y long-range variant were cut by $2,000 to $48,490, the car company’s website showed.
Prices for the standard Model 3 have come down by about 17% since the beginning of the year while the Model Y long-range variant has seen a drop of over 26%.
The price drops for the Model 3 also come as deliveries of its refreshed and higher-priced standard version is expected to start in the fourth quarter.
The carmaker missed market estimates for third-quarter deliveries earlier this week after planned upgrades at its factories to roll out the newer version of the Model 3 mass-market sedan forced production halts.
Tesla on Thursday also cut prices for its higher-priced variants of Model Y and Model 3.
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The price for the base Model Y rear-wheel drive, which Tesla reintroduced earlier this week, remained the same at $43,990. Prices for the premium Model S and Model X did not change on Thursday.
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