Tesla Cuts Prices of Model 3, Y in US After Quarterly Sales Miss

Tesla Inc. cut prices on its most popular cars in the US again, days after its third-quarter deliveries missed estimates.

(Bloomberg) — Tesla Inc. cut prices on its most popular cars in the US again, days after its third-quarter deliveries missed estimates.

The Model 3 sedan was lowered to $38,990 from $40,240, according to Tesla’s website. The long-range Model 3 fell to $45,990 from $47,240, and the performance model was reduced to $50,990 from $53,240. The Model Y performance sport utility vehicle was discounted to $52,490 from $54,490.

Tesla shipped 435,059 vehicles last quarter, around 20,000 fewer than expected. It will need to deliver more than 475,000 cars this quarter to meet its 1.8 million target for the year.

Tesla has taken several steps to boost sales this year, including price cuts designed to stoke demand amid higher interest rates and inflation, with markdowns as large as 34% for the Model X.

Tesla doesn’t break out sales by region, but the US and China are its largest markets and Model 3 and Model Y vehicles account for the bulk of sales.

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