Models sold in the US are reduced in price by Tesla

Vehicles sold in the United States are now included in Tesla’s most recent round of price cuts.

The electric car manufacturer has reportedly reduced the prices of some models by nearly 20%.

At a time when Wall Street is concerned that demand for the automobiles is decreasing, the move is seen as a means of attracting new customers.

Some buyers may be eligible for the $7,500 government tax credit thanks to the cuts.

The base Model Y crossover from Elon Musk’s automaker was reduced in price by almost 20% to $52,990. The vehicle is therefore eligible for the tax incentive because it is below the $55,000 limit.

The price of a high-performance Model 3 sedan, which also falls under the cap, has been reduced by 14% to $53,990.

Tesla’s most popular models are the Model 3 and the Model Y.

Additionally, the Model X and Model S luxury sedans saw price reductions from the company.

After sales in China plummeted in December, Tesla reduced prices on automobiles there a week ago.

Last month, Musk said that the environment with higher interest rates was hurting demand.

Last year, Tesla sold approximately 1.31 million vehicles, up roughly 40% from 2021, but still below the company’s goal of 50% or more.

In 2022, Tesla’s stock fell by about 65 percent.