Tesla Motors cuts starting price of Model X SUV to $74,000
Tesla Motors Inc. on Wednesday cut the starting price of its Model X to $74,000 for a more limited-range version of its sport utility vehicle as the electric carmaker tries to boost sales.
The new Model X 60D has a range of 200 miles, compared with 237 miles for its prior entry-level version, the 75D. That car costs roughly $9,000 more.
Top-level versions of the Model X, which have added range and faster acceleration, can cost more than $100,000.
With the 60D, customers have “the flexibility to choose the Tesla model, price point and range that best fits their lifestyle,” Tesla said.
The price cut follows Tesla’s report this month that its second-quarter global deliveries of 14,370 — including 4,625 Model X vehicles — fell short of expectations. Tesla also has struggled with ramping up production of the Model X, which debuted last fall.
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The Palo Alto-based carmaker faces several other problems. Federal safety authorities are investigating the company’s autopilot feature after the May 7 death of a driver who was using the autonomous technology when his Tesla Model S sedan crashed in Florida.
The Securities and Exchange Commission also is reportedly looking at whether Tesla erred in not disclosing the fatality to investors.
Tesla’s stock closed down $2.12, or 0.9%, at $222.53 on Wednesday.
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UPDATES:
1:41 p.m.: This article was updated with Tesla’s closing stock price.
This article was originally published at 9;51 a.m.
