Musk Claims Tesla Model S Price Will Be Lowered To $69,420

Musk Claims Tesla Model S Price Will Be Lowered To $69,420

Tesla CEO and resident meme maker Elon Musk just tweeted that the Model S sedan will soon be priced at $69,420. The price cut is likely in response to Lucid undercutting Tesla on pricing a few hours ago.

Musk announced "The gauntlet has been thrown down!"

While Musk's announcement may seem somewhat reactionary, the Model S had already experienced a fresh price cut.

Tesla entered a sunset period, with reduced amounts for the federal EV tax credit after selling a total of 200,000 qualifying vehicles in the U.S. After December 31, 2019, Tesla buyers haven't been eligible for the credit. You see where this is headed, right?

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Additionally, a recent report by Teslarati suggested that even damaged Model Ys were commanding a decent price, with at least one written off (referred to as salvage title) vehicle attracting so much interest at an online auction it could be sold for more than it cost new.

Tesla fans will note that the new starting price includes a "420", which was the share price at which CEO Elon Musk wanted to take Tesla private back in 2018. Earlier this year, Tesla cut $2,000 off the starting price of the Model 3.

Musk has been asked about the seven-seat configuration since March when Tesla officially began delivering the vehicle to customers.

Tesla's Model S was introduced in 2012, but in recent years the auto has faced competition from the company's own less expensive, mass-market Model 3 sedan, launched in 2017, which now starts at $37,990 in the U.S. The Model S makes up only around 5% of Tesla's unit volume, according to a Credit Suisse analyst note on Wednesday. Better yet, the Model S Long Range Plus comes with a dual-motor all-wheel-drive system while the base Air is coming with a single-motor powertrain. The Air is also expected to be more luxurious than the Tesla, though detailed specifications haven't been announced for the base trim. The question is, will consumers buy a Tesla today, or wait for the base Lucid Air in 2022.

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