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Tesla slashes Model S, Model X prices as stock slump continues


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Tesla slashes Model S, Model X prices as stock slump continues

Tesla Inc. stock continued to fall May 21 even as the electric-car maker lowered the base price of the carmaker's Model S sedan and Model X SUV.

Tesla reduced on May 20 the price of the high-margin Model S by $3,000 and of the Model X by $2,000, bringing the base price of the Model S to $71,250 and the Model X to $71,950, The Associated Press reported May 21.

The move comes about a week after Tesla raised the base price of the more affordable Model 3 cars to $35,400 from $35,000, in contrast with its announcement in March saying it will reduce global vehicle prices by 3%.

Tesla recently announced that it will stop online sales of the Model 3 base model and make Autopilot a standard feature.

"By any reasonable standard, these small changes are not newsworthy," Tesla reportedly said in a statement, adding that it periodically adjusts prices and available options like other carmakers.

In January, the carmaker said it will cut production hours for the Model S and Model X to give it "the flexibility to increase our production capacity in the future as needed."

Tesla's shares closed down 0.14% to $205.08 on May 21, falling 6 days in a row and rising only once since May 6.