Electric car maker Tesla (TSLA) has again cut the prices of its more expensive model S and X vehicles as it tries to boost sales amid higher interest rates and waning consumer spending.
The model S and X will now start at $89,990 U.S. and $99,990 U.S. in America, down 5.3% and 9.1% respectively, according to the company.
Tesla also announced that it is lowering the prices on the higher-performance Plaid versions of each vehicle by 4.3% and 8.3% respectively.
At $109,990 U.S., Plaid versions of the model S and X electric vehicles now cost $26,000 U.S. and $29,000 U.S. less than they did at the start of this year.
Tesla has been lowering the prices of its vehicles around the world, including in Canada, since the end of 2022 as it tries to bolster sales in the face of rising interest rates and slumping consumer spending.
Cuts to the prices of the Model 3 and Y vehicles in January made those EVs cheaper relative to the average price of a new vehicle in the U.S.
Tesla’s stock is down 26% over the past year and trading at $197.79 U.S. per share.
