Tesla has reduced the price of its electric vehicles yet again in order to boost sales and compete with rival companies.
The reductions, which can be worth several thousand pounds depending on the market and model, have recently been listed for sale on the company’s website in the UK, US, and elsewhere.
They follow large markdowns of up to 20% implemented by the company in January.
Tesla is facing challenges as buyers face higher borrowing costs and competitors offer more electric options.
A request for comment was not returned by the company. Last year, the company fell short of its 2022 target of increasing deliveries by 50% annually, blaming the shortfall on supply strain constraints and a weakening economy.
However, CEO Elon Musk has previously stated that price cuts are helping to increase demand.
“The desire to own a Tesla is extremely strong. Their ability to pay for a Tesla is the limiting factor “Mr Musk stated this last week during an investor presentation.
Mr Musk predicted in January that a “pretty difficult recession” would hurt demand this year, resulting in a contraction for the entire industry.
Mr Musk predicted that Tesla’s sales would continue to rise, citing the company’s emphasis on price.
According to Reuters, this is the fifth round of price cuts made by Tesla since the beginning of the year, when its markdowns shook up the electric car market, prompting some other companies to follow suit.
Tesla later raised some model prices in some countries, but costs remain lower than they were.
In the United States, the latest discounts range from 4% to 9% and apply to the company’s more expensive vehicles, the Model S sports car and the Model X mid-size SUV.