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Tesla has announced price reductions across the board for its complete portfolio of electric vehicles in an apparent bid to entice new customers amid rising interest rates.
The Model S large sedan and the Model X large SUV, the company's two slowest-selling vehicles, have seen the biggest price reductions. According to Tesla, their costs have been reduced by $5,000 each.
According to the firm, the Model 3 compact sedan now costs $1,000 less than the Model Y small SUV, which is Tesla's best-selling product. The decision, which represents the third price reduction in a year, was made after Tesla reported first-quarter growth of 36%, which was lower than analysts had anticipated.