Tesla hikes US prices days after sixth price cut this year

TESLA late on Thursday increased the US prices for both versions of its Model S and X electric vehicles, according to its website, days after slashing prices for the sixth time this year.

Tesla’s Model S Plaid and Model X Plaid are now priced at US$107,490 from US$104,990 earlier.

Model X is priced at US$97,490, an about 2.6 per cent rise and the price of Model S has increased around 2.9 per cent to US$87,490.

Tesla boss Elon Musk on Wednesday doubled down on the price war he started at the end of last year, saying the EV maker would prioritise sales growth ahead of profit in a weak economy.

The company posted its lowest quarterly gross margin in two years, missing market estimates, as it slashed prices aggressively in markets including the United States and China to spur demand and fend off rising competition. REUTERS