Tesla Inc (NASDAQ:TSLA) has piled more pressure on its rivals by launching shorter-range and cheaper versions of its high-end Model S saloon and Model X SUV.
The new versions cost around US$10,000 less than the previous list prices at US$78,490 for the Model S and US$88,490 for the Model X.
Estimated driving ranges are 320 miles per charge for the new standard S and 269 miles a charge for the SUV.
The models are the most expensive in the Tesla range and also among the oldest with sales only accounting for around 3% of deliveries in its latest half-year.
Even so, the move is in keeping with the recent trend of price reductions by Elon Musk’s firm and means the list prices of both cars have dropped by around 25% since the start of 2023.
Tesla shares, too, have been weak over the past month as it has responded to price cuts by rivals in China with reductions on its own bestsellers, prompting worries about how much profit it is making on these sales.
Musk said last month that Tesla would have to keep lowering prices if interest rates continue to rise and would sacrifice profitability to keep growing sales.
On Monday, Tesla cut the price of the Model Y SUV in China by US$1,900.
Shares were down 1% in pre-market trading following a similar fall overnight.