Tesla slashes prices for Model S and Model Y in US

Tesla has cut the prices of its Model S sedan and Model X SUV in the U.S., according to the company’s website. This is the second time this year that Tesla has slashed prices, and it might be a bid to boost sales before the end of the quarter.

The Model S all-wheel drive is now available for $89,990, which is down 5.2% or about $5,000 from $94,990. The Model S Plaid is now $109,990, down 4.3% from $114,990.

The Model X all-wheel drive is going for $99,990, down 9.1% or $10,000 from $109,990. The Plaid is now $109,990, down 8.3% from $119,990.

The latest price cut comes after Tesla drastically slashed prices in January, making it at least the fifth time the automaker has reduced the cost of its vehicles in the past several months. Last week at Tesla’s investor day, held at the company’s Austin factory, CEO Elon Musk and other leaders discussed the importance of efficient manufacturing and cost cutting.

“The desire for people to own a Tesla is extremely high,” said Musk. “The limiting factor is their ability to pay for a Tesla.”

Tesla Models 3 and Y are still available for the $7,500 federal tax incentive in the U.S. for the rest of this month.