Tesla Cuts Base Prices For Model S, X

Tesla Motors, Inc. TSLA's 2-3 percent cut to the base prices of the Model X and S has been confirmed by the company, according to Electrek. 

Tesla shares were down 0.29 percent at $204.77 at the time of publication Tuesday. 

Tesla significantly reduced the base price of the upgraded Model S and X vehicles that launched at the end of April.

The Model S, which offers a range of 285 miles on a single charge, had started at $78,000. Its starting price has been cut by $3,000, Electrek said.

The Model X crossover, which has a range of 250 miles, had started at $83,000. Its base price is being lowered by $2,000, the publication said. 

It's the third time Tesla has lowered the vehicles' prices in about three months, Electrek said. 

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Photo courtesy of Tesla.