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Tesla drops cheapest Model X, S variants, cuts prices to simplify lineup

Tesla drops cheapest Model X, S variants, cuts prices to simplify lineup

Tesla Inc (TSLA.O) has dropped the standard-range variants of its Model X and Model S from its product lineup and adjusted prices across its range, in a sales push that comes days after the U.S. electric vehicle maker reported record deliveries.

To simplify its offerings, the automaker on Tuesday limited variants of its Model X sport-utility vehicle and Model S sedan to “Long Range” and the more expensive “Performance”. It also trimmed the price of its now entry-level Long Range variants.

The discontinuation of the standard-range variants, however, means a rise in starting prices - to $84,990 for the Model X and $79,990 for the Model S, excluding potential buying incentives.

Tesla also lowered the starting price of its mass-market Model 3 to $38,990.

“To make purchasing our vehicles even simpler, we are standardizing our global vehicle lineup and streamlining the number of trim packages offered for Model S, Model X and Model 3,” Tesla said in a statement.

“We are also adjusting our pricing in order to continue to improve affordability for customers.”

Earlier this month, Tesla said global deliveries of its three models in the second quarter of this year rose 51% from the previous quarter to a record 95,200 vehicles. The Model 3 accounted for about 80% of the total, underscoring the vehicle’s role as the linchpin of Tesla’s growth strategy.

The automaker said it expected production and deliveries to continue growing in Q3.

In China, the world’s largest market for electric vehicles, Tesla’s changes on Tuesday pushed the starting price of its Model X to 790,900 yuan ($115,068) and Model S to 776,900 yuan.

Tesla is building a factory in Shanghai where it initially plans to build Model 3 cars. It is taking orders for those China-made versions, which have a starting price of 328,000 yuan.

Source: Reuters

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