Tesla (TSLA) has again lowered the prices on some editions of its Model 3 and Model Y electric vehicles in the U.S. as sales continue to slump.
The price cuts come days after Tesla reported third-quarter deliveries that missed the expectations of Wall Street analysts.
Tesla said that, effective immediately, the starting price for the Model 3 has been lowered to $38,990 U.S., down from $40,240 U.S. previously.
The price on the long-range Model 3 model has been lowered from $47,240 U.S. to $45,990 U.S. And the price on the Model 3 Performance edition has been brought down to $50,990 U.S. from $53,240 U.S.
At the same time, Tesla’s Model Y Performance sports utility vehicle (SUV) has seen its starting price lowered to $52,490 U.S. from $54,490 U.S.
Tesla has been cutting prices on its electric vehicles worldwide for nearly a year now in a bid to entice cash-strapped consumers, and as competition in the electric vehicle space heats up.
Earlier this week, Tesla reported Q3 vehicle deliveries of 435,059, missing analyst expectations and marking a decline from the previous second-quarter of the year.
Tesla blamed the Q3 delivery miss on scheduled maintenance at its manufacturing facilities, which idled production in August.
However, despite the latest delivery miss, Tesla maintains its guidance to deliver 1.8 million electric vehicles for all of this year.
Tesla’s stock has gained 9% over the last 12 months and currently trades at $259.98 U.S. per share.
