Tesla cuts prices by as much as 6% in North America to boost demand
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FILE PHOTO: A Tesla logo on a Model S is photographed inside of a Tesla dealership in New York, U.S., April 29, 2016. REUTERS/Lucas Jackson
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BEIJING (Reuters) - Tesla Inc (NASDAQ: TSLA) has cut prices of its electric vehicles by as much as 6% in North America following a decline in auto demand in the region during weeks of lockdown that have now started to ease.
Tesla also said its Supercharger quick-charging service will no longer be free to new customers of its Model S sedans and Model X sport utility vehicles (SUVs).
Auto retail sales in the United States likely halved in April from a year earlier, showed data from J.D. Power. However, sales in May are likely to improve due to pent-up demand and incentives offered by most carmakers, the analytics firm said.
Automakers including General Motors Co (NYSE: GM), Ford Motor Co (NYSE: F) and Fiat Chrysler Automobiles NV
Factories in the United States started to reopen earlier this month with suppliers gearing up to support an auto industry employing nearly 1 million people.
Tesla was briefly forced to stop work at its Fremont, California, factory due to stay-at-home orders. It resumed production after resolving a dispute over safety measures with local authorities.
On Wednesday, Tesla website's showed the starting price for its Model S sedan is now $74,990, down from $79,990.
Its Model X SUVs are now priced at $79,990, from $84,990, and the lowest-priced Model 3 sedan is $2,000 cheaper at $37,990.
Tesla said it will also cut prices in China - as per usual after price adjustments in the United States - by around 4% for the Model X and Model S.
Tesla China, which is delivering Model 3 sedans from its Shanghai factory, in a Weibo post said it has also cut prices for the Model S and Model X cars it imports, but will keep prices of locally made Model 3 cars unchanged.
(Reporting by Yilei Sun and Brenda Goh; Editing by Tom Hogue and Christopher Cushing)
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Related EntitiesChrysler LLC, Tesla, Model 3
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