Tesla Cuts Price on Model X, Model S Vehicles by $10k
Drivers thinking about buying a Tesla are getting a price break -- with a catch.
The luxury electric carmaker has trimmed price tags by $10,000 for its popular Model X and Model S vehicles. What buyers need to know, however, is that the cheaper versions come with less battery power and acceleration.
The reintroduced standard Model S full-size sedan now starts at nearly $75,000 and gets about 320 miles of range. The Tesla Model X crossover now starts at just over $90,000 and offers 269 miles of range.
“The lower-cost cars are part of a broader drive by Tesla focusing on being competitive on price as automakers around the world launch electric vehicles and competition heats up,” CNBC’s Arjun Kharpal reports. “The Model S and Model X are Tesla’s oldest vehicles and the price drop may be an attempt to breathe new life into the cars as investors await mass production of the company’s Cybertruck next year.”
The move also comes as the company faces growing safety concerns from regulators and car owners.
Tesla Safety Questions
Tesla faces a trial in California in a lawsuit blaming the automaker for a deadly Los Angeles crash involving a Model 3 vehicle.
The car allegedly was in Autopilot driver assist mode at the time of the accident when it suddenly veered off a highway at 65 miles per hour and slammed into a palm tree. The driver was killed and two passengers were said to be severely injured.
Tesla continues to be embroiled in at least two federal investigations related to Autopilot. The probes stem from more than a dozen accidents involving cars in which the driver assist system was reportedly engaged.
Tesla’s vehicles are by far the most recalled, more than any other brand, according to a recent study.
Automakers announced more than 400 total recalls last year, covering more than 25 million vehicles. Teslas scored four of the top five spots on the list, price-tracking car search engine iSeeCars.com concluded.
Tesla in August, meanwhile, announced it is recalling less than 150 Model Y sport utility vehicles over missing bolts in steering wheel columns. The SUVs’ steering wheels could come off, even while cars are in use, increasing the risks of accidents and injuries, the company acknowledged.
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