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In an apparent effort to lure new buyers amid rising interest rates, Tesla has slashed its prices on its entire lineup of electric vehicles, the company has announced.
The biggest cuts are on the prices for the Model S large sedan and the Model X big SUV, which are the company’s slowest-selling models.
Their prices have been cut by $5,000 each, per Tesla. The price of the Model Y small SUV, Tesla’s most popular model, has been lowered by $2,000, while the Model 3 small sedan has dropped by $1,000, per the company.
The move, which marks the third price cut in a year, comes after Tesla reported first-quarter growth of 36 percent, which fell short of analysts’ expectations.
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