Tesla once again slashes Model S and X prices by nearly 20 percent

Tesla’s Model S and X electric vehicles have already received two substantial price cuts throughout the year, but now there’s another one to entice consumers hesitant to jump on the EV train. Tesla has cut prices on these cars by 15 to 19 percent, starting today, depending on the model and trim. This price drop is not just for American consumers, as similar discounts have appeared throughout the globe, according to EV experts Electrek.

As of today, you can pick up a Model S for the base price of $74,990, which is $3,500 less than the previous base price. The Model X now starts at $79,990, which is a reduction of $8,500. All colors are now included in the base price, so you don’t have to pony up for a bit of aesthetic flourish. You can choose between white, black, gray, blue or red.

This is a good news and bad news situation, however, as Tesla has suddenly discontinued the Standard Range version of both vehicles, which featured a smaller battery. This isn’t that big of a deal, however, as the new discounted prices on the Model X and S make these cars actually cheaper than the Standard Range vehicles.

There’s one final money-saving item of note. The Tesla Model X now qualifies for a tax credit under the Inflation Reduction Act. The threshold for qualification is $55K for cars and $80K for trucks and SUVs. In other words, the Model S is still too expensive, but the Model X squeaks in just under the cost threshold for SUVs and trucks. This means that you can actually get a base Model X for cheaper than a Model S, so long as you make less than $150K to $300K a year, depending on if you’re single or married.

As previously stated, the price cuts also apply across Europe and China, with similar discounts when considering local currencies. While lower prices are obviously a great thing for prospective consumers, some current Tesla owners have expressed dismay regarding an associated drop in resale prices. Earlier this year, protesters in China demanded compensation for price cuts but Tesla said nope.

This article originally appeared on Engadget at https://www.engadget.com/tesla-once-again-slashes-model-s-and-x-prices-by-nearly-20-percent-164727753.html?src=rss https://www.engadget.com/tesla-once-again-slashes-model-s-and-x-prices-by-nearly-20-percent-164727753.html?src=rss