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KEY TAKEAWAYS:
Tesla reduced the pricing of its Model Y, Model X, and Model S vehicles in the United States by $2,000 apiece on Friday, only days after the world’s most valuable automaker’s first-quarter deliveries fell short of market estimates.
Elon Musk’s electric vehicle (EV) company has reduced the price of its Model Y base variation to $42,990, while the long-range and performance variants are now priced at $47,990 and $51,490, respectively, according to its website.
The standard Model S now costs $72,990, while the plaid variation costs $87,990. The Model X’s standard model now costs $77,990, while the plaid variant costs $92,900.
Tesla North America also stated in a post on X that it will discontinue referral program privileges in all markets after April 30.
The referral program enables purchasers to get additional incentives through referrals from existing customers, a method long employed by conventional manufacturers to increase sales.
Musk has postponed a trip to India, where he was scheduled to meet with Prime Minister Narendra Modi and reveal intentions to join the South Asian market, according to Reuters.
Reuters reported on Monday, citing an internal document, that the EV maker was cutting off more than 10% of its global workforce.
Earlier this month, Reuters reported that the EV maker has shelved a long-promised low-cost car, slated to cost $25,000, which investors had hoped would fuel mass-market expansion.
This month, the EV maker revealed that global car deliveries declined for the first time in almost four years, as price cuts failed to stimulate demand.
Tesla is set to publish first-quarter profits on Tuesday.
