Tesla is Cutting Vehicle Prices in North America and China

As the auto industry slowly recovers from the coronavirus pandemic, automakers hope to sell a large number of cars once people can venture into dealership showrooms. For online retailer Tesla, customers will now also benefit from a better offer. The drop in prices comes after nearly two months of collapsing car sales when the coronavirus closed dealerships across North America. It wasn't immediately clear when the price cuts would take effect, but that made the Tesla Model 3 sedan's price lower than some popular gasoline models from rival automakers. The company's Model S sedan starts at $ 74,990, and its Model X sport utility vehicles start at $ 79,990, which is a reduction of $ 5,000 each, according to the Tesla website. The cheapest Standard Range Plus Model 3 sedan now costs $ 37,990.