Tesla
has launched cheaper versions of its Model S and Model X electric vehicles with shorter driving ranges in the U.S. It’s one of the manufacturer’s most dramatic moves so far to stimulate sales in the face of fierce EV competition.
The Model S Standard Range starts at $78,490 while the Model X Standard Range starts at $88,490 according to
Tesla’s
(ticker: TSLA) website—both $10,000 cheaper than their respective normal models. They will be available for delivery between September and October.
The “Standard Range” version of the Model S has an estimated driving range of 320 miles while the Model X has a range of 269 miles. The normal versions have ranges of 405 miles and 348 miles, respectively.
The new versions continue a trend of price cutting from Tesla as it faces more competition from rival EV makers, especially in China where it has implemented a series of price reductions.
Tesla shares are down 0.7% at $238.10 in premarket trading on Tuesday. The stock is up 95% this year so far.
Write to Adam Clark at adam.clark@barrons.com
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