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Tesla has reduced the prices of its Model Y, X, and S vehicles by $2,000 to boost sales following disappointing first-quarter delivery numbers. Meanwhile, CEO Elon Musk postponed his anticipated trip to India due to pressing obligations at Tesla.
Tesla Slashes Prices on Key Models, Cuts Referral Program Amid Strategic Shifts
In a recent report by Reuters, Elon Musk's electric vehicle (EV) company has reduced the price of its Model Y base variation to $42,990. In contrast, according to its website, the long-range and performance variants are now priced at $47,990 and $51,490, respectively.
The standard Model S now costs $72,990, while the plaid variation costs $87,990. The Model X's standard variant now costs $77,990, while the plaid variant costs $92,900. Tesla North America also stated in a post on X that it would discontinue referral program privileges in all markets after April 30.
The referral program enables buyers to receive additional incentives through referrals from existing customers, a method long employed by traditional 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 enter the South Asian market, according to Reuters.
Reuters reported on April 15 that the EV maker was laying off more than 10% of its global workforce, citing an internal memo.
Earlier this month, the source reported that the EV maker had shelved a long-promised low-cost car, slated to cost $25,000, which investors had hoped would drive mass-market expansion.
This month, the EV maker revealed that global car deliveries declined for the first time in nearly four years as price cuts failed to stimulate demand. Tesla is scheduled to publish first-quarter profits on April 23.
Musk Postpones India Visit Amid Heavy Tesla Obligations, Aims for Later Date
According to MarkScreener, Tesla CEO Elon Musk has announced that he is postponing his planned trip to India, where he was scheduled to meet Prime Minister Narendra Modi.
"Unfortunately, very heavy Tesla obligations require that the visit to India be delayed, but I do very much look forward to visiting later this year," Musk posted late on April 19 on his social media platform X.
Photo: Afif Ramdhasuma/Unsplash
