Tesla Lowering Prices of the Electric Models

Elon Musk’s company Tesla has recently cut prices for the electric cars in order to boost sales and compete with the rivals. Several  thousand pounds reductions depending on the market scenario and model have been applied to cars listed for the sale on the company’s website in the US, UK and other places.

Due to this reason the company follows a big markdown of 20 percent almost that the firm introduced in the January.  Tesla is facing fresh challenges as higher borrowing costs weighs on the buyers and on the other hand rivals offer more electric options to opt from.

The company, as per the reports, did not respond to any request for comment. The firm missed its target of 2022 regarding the increasing deliveries by 50 percent annually. But a shortfall the firm complaint supply strain constraints and a weakening economy.

But according to Musk’s statements, the price cuts are supposed to lift the demand. He said, “the ability to pay for Tesla is high where as the desire in people to buy and own Tesla is extremely high”.

As per some reports, the latest cut in prices marks the fifth change Tesla has made to prices from the beginning of the year. The price remained lower than they actually were even if Tesla raised some prices for some models in some countries. Ford and General Motors are also giving tough challenges to Tesla’s lead electric car market in competition.