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Tesla slashes prices to boost demand

Video Credit: Reuters Studio - Duration: 01:11s - Published
Tesla slashes prices to boost demand

Tesla slashes prices to boost demand

Tesla is chopping prices as much as 6% on its electric vehicles in a bid to rev up demand.

Fred Katayama reports.

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Tesla is slashing prices to rev up demand that's been hammered as people stay at home.

The luxury electric vehicle maker chopped prices in North America as much as 6%.

Its shaving $5,000 off its Model X SUVs and Model S sedans, which will now retail for just under $80,000 and $75,000 respectively.

The lower-priced Model 3 sedan is now $2,000 cheaper, at just under $38,000.

Tesla also said it'll cut prices in China by around 4% for the Models X and S.

Other automakers like GM, Ford and Fiat Chrysler, are offering 0% financing and deferred payment options in a bid to lure buyers after auto sales hit the brakes.

Analytics firm J.D.

Power predicts retail sales of autos in the U.S. were likely halved in April from a year earlier.

But it says sales are likely to improve in May due to incentives and pent-up demand.

Car plants in the U.S. have begun to reopen this month.

Tesla resumed production at its California factory after resolving a dispute over safety measures with local authorities.




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