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Markets News

Tesla cuts prices of Model S variant in United States, China

Oct 13 (Reuters) - Tesla Inc said on Tuesday it has cut the price of its Model S “Long Range” sedan by 4% in the United States, days after the electric-car maker reported record quarterly deliveries.

The company, which is expected to report third-quarter results on Oct. 21, cut the price to $71,990 from $74,990 in the United States. It also trimmed the starting price of Model S by 3% in China. (bit.ly/34PqCew)

Earlier this month, the carmaker cut the starting price of its Chinese-made Model 3 sedans by about 8% to 249,900 yuan ($36,805).

Tesla said it delivered 139,300 vehicles in the third quarter, an all-time record, yet shares fell as some analysts doubted if Tesla could hit its ambitious year-end target.

Shares of the automaker, which have surged more than five times this year, were up nearly 1% at $445.25 in premarket trading.

Reporting by Akanksha Rana in Bengaluru; Editing by Arun Koyyur

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