Two of Tesla‘s oldest vehicle models just got a budget-friendly makeover.
New versions of the Model S sedan and Model X SUV launched Monday for $10,000 less than their original counterparts, per the carmaker’s site, CNBC reported.
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The news comes after the company reported a 20% income jump in the second quarter last month to $2.7 billion — but billionaire CEO Elon Musk told investors that more price cuts might be necessary this quarter, per The Wall Street Journal.
The slashed price tags on the Model S and Model X fulfilled that promise — but which adjustments, exactly, can consumers purchasing their vehicles for less expect?
Model S & X Standard Range now available → https://t.co/MvlrZN6eOh
— Tesla North America (@tesla_na) August 15, 2023
The new Model X Standard Range starts at $88,490 compared to the original Model X’s $98,490, and the former boasts a driving range of 255 miles to 269 miles versus the latter’s range of 330 miles to 348 miles and marginally faster acceleration speed.
The Model S Standard range begins at $78,490 compared to the original Model S’s $88,490. The budget model features a driving range of 298 miles to 320 miles while the older version’s range is 375 miles to 405 miles.
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Tesla Inc is down nearly 24% year over year.