Tesla Increases Price Of Model S, X In US After Shares Slump
PremiumTesla has raised the starting prices of all its Model S sedans and Model X sports utility vehicles by $2,500, or 2% to 3%, in an attempt to recover some of the steep price cuts imposed earlier this year, which had squeezed profit margins
Tesla Inc. increased the prices of Model S and Model X vehicles in the US, after the company’s share price slumped following first quarter earnings.
The Austin, Texas-based automaker raised the starting prices of all variants of its premium Model S sedans and Model X sports utility vehicles by $2,500, or about 2% to 3%, according to the company’s US website. The latest staring prices of both models are $87,490 and $97,490, respectively.
The move claws back some of the steep price cuts imposed earlier this year, which have squeezed profit margins.
Tesla shares slid the most in more than three months Thursday after Chief Executive Officer Elon Musk indicated his company will keep cutting prices to stoke demand even after markdowns early this year took a significant toll on profitability.
The automaker’s operating margin shrank to 11.4% in the first quarter, a roughly two-year low, after the company marked down its electric vehicles in January and March.
This story has been published from a wire agency feed without modifications to the text.
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