Tesla has reduced prices for basic electric car models by $2,000

Tesla has cut prices in the US for its Model Y, Model X and Model S cars by $2,000 after deliveries in the first quarter fell short of expectations.

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Elon Musk's electric car manufacturer has cut prices for its base Model Y to $42,990, while long-range and performance variants now cost $47,990 and $51,490, respectively.

Tesla North America also announced that on 30 April, they will end their referral programme in all markets.

The referral programme allows customers to receive additional bonuses through friends who are already Tesla customers. This strategy has long been used by traditional automakers to increase sales.

Also in April, Tesla reported that global car deliveries in the first quarter fell for the first time in almost four years, and price cuts had no impact on demand.

Source: Reuters