Tesla Cuts Model S Price By $3K

Tesla Inc TSLA delivered a record 139,300 vehicles last quarter. Of those, 15,200 units were Model S and X vehicles. 

This is less than the previous quarter's S and X deliveries, and a trend that has been in motion since the Model 3 was released.

Now Tesla has lowered the price of the Model S, perhaps in response to the lower demand.

The price of the Model S has dropped from $74,990 to $71,990 for the long-range plus, and from $94,990 to $91,990 for the performance version.

The Model S Performance version cost over $130,000 in early 2019. 

TSLA Price Action: Tesla shares were trading 1.32% higher at $448.12 at last check Tuesday. 

Benzinga's Take: Tesla has always said its mission is to transition the world to sustainable energy, not squeeze every penny it can out of its vehicles. The company is achieving that by selling lower-cost EVs such as the Model 3 and Y.

Tesla says it also regularly drops vehicle prices when manufacturing costs are reduced, retaining margins but passing savings to the customer. 

Photo courtesy of Tesla.