Tesla Cuts Prices of Models X and S in Attempt to Boost Demand

Tesla Inc. lowered the prices of two of its most expensive models in the U.S., the Model S and Model X, in its latest round of price cuts as the company tries to boost demand in a competitive market.

Tesla dropped the base price of its Model S luxury sedan from $94,990 to $89,990, which is about a 5% cut, according to the company’s website. It also lowered the base price of its Model X sport-utility vehicle from $109,990 to $99,990, which is roughly a 9% decrease. The two high-end models represented only about 5% of Tesla’s total vehicle production last year.