As competitiveness in the electric vehicle industry heats up, Tesla introduced lower-cost variants of its Model S and Model X automobiles in the United States.
Based on Tesla’s website, the lower-cost variants of both vehicles unveiled Monday are $10,000 cheaper than the normal model.
The Model X Standard Range costs $88,490, compared to $98,490 for the Model X, and has an estimated driving distance of 255 to 269 miles.
The Model X, by comparison, has an estimated range of 330 to 348 miles and has a slightly quicker acceleration speed.
The Model S Standard Range costs at $78,490, against $88,490 for the Model S, and has an estimated driving distance of 298 to 320 miles. The Tesla Model S has an estimated range of 375 to 405 miles.
Tesla: Focusing on Market Share And Boosting Sales
Tesla continues to prioritize increasing market share and increasing car sales at the price of profitability. The company, led by billionaire Elon Musk, announced operating margins of 9.6% in its June quarter profits, the lowest in at least the prior five quarters.
The lower-cost automobiles are part of a larger effort by Tesla to be price competitive as automakers across the world launch electric vehicles as competition heats up.
Tesla has been tinkering with its prices in major markets on a regular basis. On Sunday, Tesla reduced the price of its Model Y and Model 3 vehicles in China.
Tesla’s Model S and Model X are the company’s oldest automobiles, and the price decrease could be a bid to revitalize the vehicles as investors await full production of the company’s Cybertruck next year.