Tesla cuts Model S and X prices for third time this year

Tesla cut the prices of its Model S and X for the third time this year late Thursday.

CEO Elon Musk has vowed to chase volume over profit margins. The flagship Model S sedan now starts at $84,990 (roughly R1.55m), a $5,000 (roughly R91,088) cut from the price last month.

The Model X now starts at $94,990 (roughly R1.73m), also a $5,000 cut.

Tesla, which sells its cars directly to consumers, has said that small changes in price have a big effect on demand. The company delivered 422,875 vehicles globally in the first quarter, but just 10,695 of those were the S and X. 

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