Tesla shares are slumping nearly 2% in pre-market trading on Wednesday after the automaker continued to cut prices - this time by as much as 6.9% for its Model S and Model X vehicles in China.
The company posted on Weibo that its Model S price was being cut 6.7% to 754,900 yuan ($103,477) from 808,900 yuan prior. The company's Model X is priced 6.9% lower at 836,900 yuan, down from 898,900, according to Reuters.
This follows cuts the automaker made on Monday to its Model Y, which continued to keep Wall Street's focus on the automaker's profit margins.
The news follows reports on Tuesday that Tesla was adding new, lower-range iterations of its Model S and Model X that would be priced $10,000 lower than previous base prices, Yahoo reported.
The standard range Model S will start at $78,490 and will offer 320 miles of range and the standard range Model X will now be priced $88,490 and will have a range of 269 miles per charge, the report says.
Tesla delivered just 19,225 Model S/X vehicles last quarter.
The two models have made up a decreasing share of Tesla's total deliveries as the quarters pass by.
In sum, the price of the Model S is now down 25% since the beginning of the year. The Model X has seen an even deeper discount, at a 27% price cut, as the company looks to work through its aging inventory while at the same time continue to catalyze sales in an increasingly saturated market.
Shares of Tesla, Lucid, Rivian and Nikola, in addition to U.S. listed Chinese EV names like Xpeng, Li Auto and Nio, will all be on watch during trading Wednesday.
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