- Tesla will reduce the price of its Model S sedan to $ 69,420, the company’s CEO Elon Musk announced on Wednesday.
- The move came the day Lucid Motors, a luxury EV startup, announced that its base Air sedan would cost $ 69,900 after federal tax incentives.
- Musk said the price change would take place “tonight”, but it was unclear whether it was serious or not.
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After cutting the price of the Model S earlier this week, Tesla CEO Elon Musk announced plans for another price drop on Wednesday, but it is not yet clear if this time is serious.
Tesla will reduce the MSRP of its flagship luxury sedan to $ 69,420 “tonight,”
—Elon Musk October 14, 2020
If the change takes place, Tesla Model S’s starting MSRP will drop by $ 5,570 this week alone. On Tuesday, Tesla reduced the price of the sedan sticker by $ 3,000 for “long-range” and “performance” models.
Musk’s tweet came the same day when Lucid Motors, an upcoming contender for Tesla in the luxury EV space, announced that the base version of its Air sedan would cost $ 69,900 after the $ 7,500 federal tax credit. At a launch event in September, Lucid said Air’s entry-level will start somewhere around $ 80,000, but did not disclose detailed prices until Wednesday.
According to Lucid, the base Air model will have one engine, 480 horsepower and 406 miles of mileage, exceeding the range of the Model S by only four miles.
The numbers 69 and 420, the last of which is a reference to the culture of smoking in a pot, have become memes among Tesla fans and for Musk himself. In July, Tesla began selling shorts – to mock the short sellers – which cost $ 69,420 per pair.
But Musk’s attachment to number 420 has thrown him into hot water in the past. In 2018, Musk tweeted that he had secured funding to take Tesla privately for $ 420 a share, sparking a U.S. Securities and Exchange Commission study that led to a $ 40 million settlement between Musk and Tesla. .
Tesla did not immediately respond to Business Insider’s request for comment.