Tesla Hikes Model S Price in US Amidst Weak Demand
Tesla has quietly raised the price of its Model S lineup in the USA. The base Model S All-Wheel Drive now starts at $79,990, a $5,000 increase from its previous price. This is the first significant price adjustment for the Tesla stock in several months.
The price hike comes amidst a backdrop of weak demand and high production costs. Sales of the Model S and X have plummeted, with third-quarter sales reaching only 10,000-12,000 units, less than half of the nearly 20,000 units sold in the same period last year.
The increase affects both Model S trims. The Model S Plaid, Tesla's high-performance variant, now costs $94,990, up from $89,990. This recent adjustment makes the Tesla stock $7,000 more expensive than it was just five months ago. In July, Tesla last adjusted prices in Canada, with increases of up to $6,000 there and $2,000 in the US.
Despite the price increase, Tesla remains optimistic about its sales prospects. The company is aiming for a record quarter of deliveries, targeting more than 515,000 units in the final three months of the year. However, the price hike may further dampen demand for the Tesla stock, which is already facing stiff competition in the luxury electric vehicle segment.
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