Tesla Cuts Prices For Its Most Expensive Electric Vehicles

(RTTNews) - Electric car maker Tesla Inc. (TSLA) has cut prices for two of its most expensive cars, as the company tries to increase sales amid competition from rival companies.

The price cuts, Tesla's fifth price adjustment since the start of the year, have been listed for sale on the company's website in the US, UK and elsewhere in recent days. The cuts ranged from 4% on the performance version of the Model S to 9% on the more expensive Model X. This follows big discounts of up to 20% that the firm announced in January.

Musk has recently said several times that Tesla would focus on bringing prices down to drive demand and that it had seen success in sparking orders with global discounts introduced in January.

"The desire for people to own a Tesla is extremely high. The limiting factor is their ability to pay for a Tesla," Musk said last week at Tesla's investor day.

Tesla is facing challenges as higher borrowing costs weigh on buyers and rivals offer more electric options.