Tesla has taken a bold step in the face of intense competition in the electric vehicle (EV) market by launching cheaper versions of its popular Model S and Model X. The move is expected to stimulate sales and expand their customer base.
Lower Prices, Same Quality
According to the latest updates on Tesla's website, the new 'Standard Range' models of the Model S and Model X will be priced at $78,490 and $88,490 respectively. This is a significant reduction of $10,000 compared to the regular models. Customers can expect to receive their vehicles between September and October.
Driving Range Specifications
While these new versions come at a lower cost, they still deliver impressive performance. The Model S Standard Range boasts an estimated driving range of 320 miles, while the Model X Standard Range offers a range of 269 miles. Although slightly shorter than the normal models' ranges of 405 miles and 348 miles respectively, these figures are still commendable.
Staying Ahead of the Competition
Tesla's decision to introduce more affordable options aligns with its ongoing efforts to stay ahead of the competition. Facing increased rivalry from other EV manufacturers, particularly in China, Tesla has been implementing a series of price cuts to remain competitive in the market.
Tesla Stock Performance
In premarket trading on Tuesday, Tesla shares experienced a slight decrease of 0.7% and were valued at $238.10. However, it's important to note that the stock has risen by an impressive 95% since the beginning of this year.