Tesla CEO Elon Musk announced on Twitter that Tesla will drop the price of Model S again tonight.
Model S will have a new starting price of $69,420. (Really.)
This represents an additional price cut of over $2,500, after Tesla dropped the price of Model S Long Range Plus and Performance configurations by $3,000 on Tuesday.
Plaid, a Tri Motor configuration of Model S open for orders today, is expected to remain at $139,900.
This comes as a response to Lucid’s announcement that the Lucid Air will start at $69,900 — albeit after the $7,500 federal rebate is taken into account, which Tesla no longer qualifies for. Lucid Air is a direct Model S competitor with 406 miles of range, and an availability of 2022 for the base model.
Once the new starting price takes effect later tonight, price cuts to Model S will total over $10,500 in a period of less than six months.
This proves that Tesla’s pricing is unpredictable: even after a price cut of $3,000 yesterday, the automaker is already dropping the price further by nearly the same amount.
It will be interesting to see how long the $69,420 price sticks, if for no reason other than it leads Tesla’s flagship sedan to highlight Elon’s sense of humor.
The main source of depreciation for Model S comes from Tesla’s own price cuts. We’d recommend owners to be prepared for pricing and features to continue changing rapidly.
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