Tesla Model S and Model X prices slashed
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Electric vehicle pioneer brand Tesla has slashed prices across its Model S and Model X ranges, with up to $85,000 cut from the asking price.
In an unprecedented move that is sure to raise the hackles of recent purchasers, the Silicon Valley company’s local operations lopped a third of the price off its two models - the Model S sedan and Model X SUV.
The new entry level Model X is now known as the Long Range, and costs $127,200 plus on-road costs (or $151,225 drive-away in NSW) - the previous pricing for the Model X 100D AWD was listed at $177,972 drive-away. The fastest version, now called the Ludicrous Performance, now lists at $142,000 plus on-road costs (or $167,225 drive-away), where its predecessor - the Model X P100D AWD - had a price of $252,233 drive-away.
The 2019 Model X Long Range model has a claimed 565km electric range (NEDC testing regime) and can do 0-100km/h in 4.9 seconds. The Ludicrous Performance model offers slightly less range (542km) but has a 0-100km/h time of 3.0sec.
The Model S sedan has also seen significant cuts, with three models now available: the Standard Range, which has a list price of $115,600 (or $133,090 drive-away); the Long Range which is priced at $120,700 (or $140,050 d/a, replacing the existing Model S 100D AWD which was $161,425 drive-away); and the go-fast Model S Ludicrous Performance, which replaces the P100D and costs $136,900 (or $162,465 d/a) - representing a $65,910 drop compared with the previous model (which listed at $228,375 d/a).
The Model S Standard Range model has a claimed 520km of range (NEDC standard testing), and a 0-100km/h time of 4.4 seconds. The Long Range has 632km range and does 0-100km/h in 4.3sec. The Ludicrous Performance model has 613km range, and is apparently good for a 2.6sec 0-100km/h sprint.
It isn’t just Australia that has seen significant movement in the pricing structure of Tesla models, with the brand finally adding the promised US$35,000 Model 3 last week, as well as announcing cuts to the Model S and Model X variants sold in that market. The price drop coincides with a reduction in US federal tax credits - the incentives dropped from $7500 to $3750 earlier this year, and it will drop to $1875 from July 1 this year before being abolished at the start of 2020.
To some spectators, though, it appears to be smoke and mirrors - the company has been forced to pay out US$920 million ($1.29 billion), or an estimated one-third of its available cash. Put simply, it was forced to pay cash to bond holders because its stock hadn’t met an agreed level.
The company has also reportedly announced plans to shut down all of its retail stores, moving to an online-only purchasing process. CarsGuide contacted Tesla Australia to see if there was any local announcement regarding the future of its retail footprint, but nothing is being made public at the time of writing.
In the US, the brand will also move away from test drives, but will offer purchasers a seven-day/1000 mile (1609km) guarantee that will allow them to return their car if they’re unhappy with it.
It theoretically makes sense to move to an online model for sales, as 78 per cent of Model 3 sales in 2018 were made over the web - and according to the company, a huge 82 per cent didn’t even take a car for a test drive.
2019 Tesla list pricing (before on-road costs):
|Standard Range AWD||$115,600|
|Long Range AWD||$120,700|
|Ludicrous Performance AWD||$136,900|
|Long Range AWD||$127,200|
|Ludicrous Performance AWD||$142,000|