Tesla Inc. raised the prices of Model S and Model X vehicles in the US, after the company’s stock slashed prices following its first-quarter earnings call.
The Austin, Texas-based automaker has increased the starting prices of all its premium variants Model S Sedan And Model X sports utility vehicles are down by $2,500, or about 2% to 3%, according to the company’s US website. The latest starting prices for both the models are $87,490 and $97,490, respectively.
The move undoes the steep price cuts earlier this year, which has reduced profit margins.
Tesla shares Chief Executive Officer Elon Musk indicated that his company slumped the most in more than three months after markdowns earlier this year took a significant toll on profitability.
The automaker’s operating margin declined to 11.4% in the first quarter, a nearly two-year low, after the company marked down its electric vehicles in January and March.
The text of this story is published from a wire agency feed without any modification.
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