By Michael Elkins
According to Tesla's (NASDAQ:TSLA) website over the weekend, the electric vehicle company decided to cut prices on its two most expensive electric vehicles in the United States. The cuts come just days after Chief Executive Elon Musk said recent price cuts on other models had stoked demand.
These most recent price cuts are the automaker's fifth adjustment since the start of the year; ranged from 4% on the performance version of the Model S to 9% on the more expensive Model X.
Tesla's website showed it had cut prices on both versions of its Model S by $5,000. The basic version of Model S was cut by 5% to $89,990, while the price of the performance, Plaid variant was cut by 4% to $109,990.
Prices of both the performance and basic variants of Model X cars were cut by $10,000, the electric vehicle maker's website showed. The price of the basic, AWD version of the Model X was cut by 9% to $99,990 while its performance Plaid version was cut by 8% to $109,990.
Musk has said repeatedly in recent months that Tesla would focus on bringing prices down to drive demand and that it had seen success in sparking orders with global discounts introduced in January.
"The desire for people to own a Tesla is extremely high. The limiting factor is their ability to pay for a Tesla," Musk said last week at Tesla's investor day.
Shares of TSLA are up 0.02% in pre-market trading on Monday.