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Elon Musk Cuts Price of Tesla Model S To $69,420

In a tweet, Elon Musk announced that Tesla will further cut the price of its Model S “Long Range” sedan to $69,420. “This pricing wasn’t done on a whim and a joint,” adds TechCrunch. “The price cut is likely in response to Lucid undercutting Tesla on pricing a few hours ago.” From the report: Elon Musk declares that “The gauntlet has been thrown down.” Earlier today, Lucid announced that its entry level sedan will cost $77,400 minus a $7,500 U.S. tax credit. Since most buyers qualify for the credit, that brings the effective price down to $69,900. You see where this is headed, right?

With a new starting price of $69,420, this would be the second Model S price cut this week. Roadshow by CNET reported yesterday the automaker quietly cut $3,000 off the Model S earlier this week, potentially in a bid to outdo Lucid before its announcement today. Earlier this year, Tesla cut $2,000 off the starting price of the Model 3.

Read more of this story at Slashdot.

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