Tesla cuts prices for select car models in US

New Delhi [India], April 21 (ANI): Tesla cut the US prices of its Model Y, Model X and Model S vehicles by USD 2,000 each this week, days after the first-quarter deliveries of the automaker missed market expectations, reported Reuters.

The EV maker reported this month that its global vehicle deliveries in the first quarter fell for the first time in nearly four years as price cuts failed to stir demand.

Elon Musk-run automobile company lowered the prices for its Model Y base variant to USD 42,990, while the long-range and performance variants are now priced at USD 47,990 and USD 51,490, respectively, according to its website, reported Reuters.

The basic version of the Model S now costs USD 72,990 and its plaid variant USD 87,990. The Model X base variant now costs USD 77,990 and its plaid variant is priced at USD 92,900.

As per the news report, Tesla North America also said in a post on X that it would end its referral program benefits in all markets after April 30. Referral program allows buyers to get extra incentives through referrals from existing customers, a strategy long used by traditional automakers to boost sales.

Meanwhile, Musk has postponed a planned trip to India, where he was to meet Prime Minister Narendra Modi and announce plans to enter the huge Indian market.

Earlier this week, citing an internal memo, Reuters reported that the EV maker was laying off more than 10 per cent of its global workforce.

Tesla is to report first-quarter earnings on Tuesday, as per Reuters.