Tesla has slashed the prices of the Model S and Model X by as much as $18,000
- Tesla has slashed the prices of all its vehicles: the Model 3, Model S and Model X.
- The Model 3 will now start at $35,000, the company said in a blog post on Thursday.
- The Model S and X also got price cuts.
All of Tesla's three models got a price cut on Thursday.
The announcement of new discounts came amid the guidance that Tesla may not be profitable in the first quarter, as well as shifting to online-only sales and closing most of its 378 retail stores.
"Shifting all sales online, combined with other ongoing cost efficiencies, will enable us to lower all vehicle prices by about 6% on average, allowing us to achieve the $35,000 Model 3 price point earlier than we expected," the company said in a blog post.
Read more: Tesla is finally releasing the long-awaited $35,000 Model 3
Shares fell about 4% overnight into Friday morning as Wall Street investors digested the new outlook for Tesla's finances.
Here are the details of the price cuts:
Model S:
- Standard Range: Unchanged at $79,000 before incentives like state-specific tax rebates and gas savings
- Long range: now $83,000 before incentives. (Previously $96,000)
- Performance: now $99,000 before incentives (previously $112,000)
- Ludicrous Mode: now $$114,000 before incentives (previously $132,000)
Model X:
- Long Range: now $88,000 before incentives (previously $96,000)
- Performance: now $104,000 before incentives (previously $117,000)
- Ludicrous Mode: now $119,000 before incentives (previously $137,000)
More from Tesla's big announcement:
- Tesla is finally releasing the long-awaited $35,000 Model 3
- Tesla is shuttering most of its stores as the company switches to an online-only sales model
- Tesla has changed its Autopilot package - customers now have to pay more for some features
- More layoffs expected at Tesla as the company shutters most of its retail stores
- Elon Musk says Tesla will probably not be profitable in the first quarter of 2019
- Tesla's $35,000 Model 3 is coming - here's what Wall Street is saying
- Tesla stock slides after Elon Musk warns it won't be profitable in Q1