Nilutpal Timsina
(Reuters) – Tesla (NASDAQ:) cut prices for its Model Y, Model X and Model S cars in the United States by $2,000 each on Friday, days after the world’s most valuable automaker’s first-quarter deliveries fell short of market expectations. .
Elon Musk’s electric vehicle (EV) maker has cut prices for the base Model Y to $42,990, while the range-extended and high-performance variants are now priced at $47,990 and $51,490 respectively, according to its website.
The base Model S now costs $72,990, while the checkered model costs $87,990. The base Model X now costs $77,990, while the checkered variant is $92,900.
Tesla North America also said in a post on X that it will end referral program benefits in all markets after April 30.
The referral program allows customers to receive additional incentives through referrals from existing customers, a strategy long used by traditional automakers to increase sales.
Musk has postponed a planned trip to India, where he was expected to meet Prime Minister Narendra Modi and announce plans to enter the South Asian market, Reuters reported on Saturday.
On Monday, Reuters reported, citing an internal memo, that the electric vehicle maker was laying off more than 10% of its global workforce.
Earlier this month, Reuters reported that the electric car maker had canceled the release of a long-promised $25,000 low-cost car that investors had hoped would fuel mass-market growth.
The electric vehicle maker said this month that its global vehicle shipments fell in the first quarter for the first time in nearly four years as price cuts failed to stimulate demand.
Tesla will report first-quarter earnings on Tuesday.