U.S. electric vehicle maker Tesla Inc cut the price of its Model S “Long Range” sedan in the U.S. to $69,420, its website showed, following a tweet flagging the cut earlier Wednesday from CEO Elon Musk.
The cut is Tesla’s second this week for the high-end sedan, following a 4 percent cut to $71,990 on Tuesday.
The company on Tuesday also reduced by 3 percent the price of its Model S in China, where it had previously cut the starting price of its Model 3 sedan.
Tesla introduced its Model S in 2012, but in recent years the car has faced competition from the automaker’s less expensive, mass-market Model 3 sedan, launched in 2017, which currently starts at $37,990. The Model S makes up only around 5 percent of Tesla’s unit volume, said a Credit Suisse analyst in a client note on Wednesday.