A Tesla dealership in Colma, California, on Wednesday, January 26, 2022.
David Paul Morris | David Paul Morris Bloomberg | Getty Images
Tesla The company lowered prices on some Model 3 and Model Y versions in the United States after it reported third-quarter deliveries that fell short of market expectations.
The starting price of the Model 3 on Tesla’s website is $38,990, down from the previous price of $40,240. The long-range Model 3 has dropped from $47,240 to $45,990. Model 3 Performance drops from $53,240 to $50,990.
The Tesla Model Y Performance sport utility vehicle now starts at $52,490, down from the previous price of $54,490.
Starting late last year, Tesla began lowering vehicle prices globally to stimulate demand due to concerns about slowing consumer spending in markets such as the United States and China and increasing competition in the electric vehicle field.
Tesla frequently adjusts the prices of its cars, especially in the United States and China, its largest markets.
But just days before the latest round of price cuts, Tesla reported third-quarter vehicle deliveries of 435,059 vehicles, below analysts’ expectations and down from the previous quarter.
Tesla blamed the decline on factory upgrades that led to manufacturing shutdowns.
Tesla Chief Executive Elon Musk has made no secret of the automaker’s desire to pursue higher sales and higher profits this year.
The stock has paid dividends so far and is up more than 100% this year.
Tesla still plans to deliver 1.8 million vehicles this year.
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