Toronto, Ontario — As of Sunday, prices have been slashed on Tesla’s Model X crossover vehicle by $7,000–the second time Tesla has reduced prices in Canada this year.
According to Bloomberg, the all-wheel drive Model X now begins at $135,990 while the Model X Plaid begins at $149,990.
Similar cuts were made in the United States, following an announcement on March 1 by Tesla CEO, Elon Musk, that the company would be emphasizing manufacturing efficiency and cost cutting to fulfill the demand for Teslas, while addressing their high price tag.
Tesla shares rose 0.5 per cent as of 6 a.m. EST on Monday, before the start of regular trading. The stock has climbed 61 percent this year, after plunging 65 percent in 2022.
“We found that even small changes in the price have a big effect on demand, very big,” said Musk.
The post Market Response: Tesla cuts Model X prices for second time this year appeared first on Collision Repair Magazine.