Tesla is rising after slashing prices on its highest cost cars

Tesla

Tesla's stock price is up around 0.63% on Thursday after the company lowered prices on its most expensive vehicles.

The company's cars are listed on its website for $3,500 to $5,000 lower than yesterday, with the highest drop coming from the Model S and X P100D, according to a report from Engadget.

That's because the 100kWh batteries that power the cars are being manufactured more efficiently.

Tesla vehicles have had a history of price fluctuations. The company often passes along both increases and decreases in manufacturing costs to the consumer. It lowered the price of a Model S by $2,000 last year, for example.

Tesla is currently trying to ramp up production of its new Model 3 vehicles. The company's Gigafactory is helping to produce the large number of batteries needed for the electric vehicles. The factory is slated to reach full production capacity by 2018.

Competition in the electric vehicle space is heating up as Tesla is no longer the only car maker focusing on electric vehicles.

Ford's new CEO is making a big push into electrification, and Honda just announced it would be releasing two new electric vehicles in 2018.

Tesla is up 65.36% this year, and is trading at about $355.81.

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