Tesla (TSLA) has reduced the price of its flagship sedan, the Model S, today. The electric car now starts at just $71,990.
The Model S and Model X programs have been in declined for a while now.
Tesla delivered 15,200 units of both vehicles last quarter – down from 17,400 during the same period last year and down from 27,660 vehicles (14,470 Model S, and 13,190 Model X) back in Q3 2018.
During that time, Tesla has mainly focused on the cheaper Model 3 and Model Y vehicle programs.
Nevertheless, the automaker is still updating Model S and Model X regularly with new performance and features, most recently with a range increase to 402 miles for the Model S.
Now Tesla is also reducing the price of the Model S in an overnight update to its online design studio:
Tesla has reduced the price of both versions of the electric sedan currently available for delivery by $3,000:
- Tesla Model S Long Range Plus: went from $74,990 to now $71,990
- Tesla Model S Performance: went from $94,990 to now $91,990
The price of the electric sedan hasn’t been this low since back when it would offer the Model S with a smaller battery pack.
The Tesla Model S Plaid, which was announced last month but won’t be delivered until late next year, didn’t get a price change with the configurator update.
It is still listed at $139,990.
The pricing update follows price cuts across Tesla’s lineup earlier this year that affected Model 3, Model S, and Model X.
Back in May, Tesla had already reduced the price of the Model S Long Range Plus by $5,000 for it to start at $74,990.
Tesla also more recently reduced the price of the Model Y, which was launched only earlier this year:
Tesla is currently estimating a 4 to 8 weeks delivery time for both versions of the Model S in the US.
The price change seems to also be affecting other markets.
For example, the Model S now starts at $101,990 CAD (~$77,800 USD) in Canada.
Tesla didn’t explain the reason behind the price cut for the Model S today.