Tesla has slashed the price of its most expensive electric vehicles, the Model S and Model X with 100 kilowatt-hours batteries. The move comes as the company was able to improve the efficiency of the battery pack, enabling Tesla to pass on the cost savings to customers.
According to Business Insider, the prices of the base models were cut by $3,500 while the performance models were now $5,000 cheaper than before. The Tesla Model S 100D base model now costs $94,000 while the Model X 100D base model costs $96,000. The Model S P100D with Ludicrous Mode has a price tag of $135,000 while the Model X P100D with Ludicrous Mode costs $140,000. Tesla is still working on making its lithium-ion batteries more efficient and affordable, with a target of reducing their prices by 30 percent in 2020 when its Nevada Gigafactory becomes fully operational.
The prices may be the same as they were in February before the increase in April, but the cars are now packed with more features. Even at just 3 percent cheaper, the slash in their prices is still good news for those who want to own either the Model S or the Model X. Tesla Model S 100D has a range of 351 miles while the Model S P100D can go up to 337 miles on a single charge. The Model X 100D has a range of 295 miles while the Model X P100D has 289 miles of range.
In April, Tesla cut the price of its Model S 75D by $7,500 after it became the new base model following the discontinuation of the Model S 60. The Model X 75D crossover also saw a price cut of $3,000 earlier last month, which the company attributed to its increased margins, Motor Trend reported.
Meanwhile, Tesla has also released its first mass-market electric vehicle, the Model 3, to its first 30 customers. It has a range of 220 miles for the base unit to 310 miles for the premium version, with a starting price of $35,000. The cost, however, could go up to around $55,000 if you opt to add the necessary advanced features, such as the ability to adjust the seats automatically, as well as the Enhanced Autopilot system. The insurance cost is not yet included.
[Featured Image by John Moore/Getty Images]