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TESLA INC.

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Tesla : drops cheapest Model X, S variants, cuts prices to simplify lineup

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07/16/2019 | 01:53pm EDT
A visitor inspects a Tesla Model X electric vehicle at Brussels Motor Show

BEIJING (Reuters) - Tesla Inc has dropped the standard-range variants of its Model X and Model S from its product lineup and adjusted prices across its range, in a sales push that comes days after the U.S. electric vehicle maker reported record deliveries.

To simplify its offerings, the automaker on Tuesday limited variants of its Model X sport-utility vehicle and Model S sedan to "Long Range" and the more expensive "Performance". It also trimmed the price of its now entry-level Long Range variants.

The discontinuation of the standard-range variants, however, means a rise in starting prices - to $84,990 (£68,485) for the Model X and $79,990 for the Model S, excluding potential buying incentives.

Tesla also lowered the starting price of its mass-market Model 3 to $38,990.

"To make purchasing our vehicles even simpler, we are standardizing our global vehicle lineup and streamlining the number of trim packages offered for Model S, Model X and Model 3," Tesla said in a statement.

"We are also adjusting our pricing in order to continue to improve affordability for customers."

Chief Executive Officer Elon Musk tweeted on Tuesday that the price of Tesla's full self-driving option is "increasing by ~$1000 on August 16". (https://bit.ly/2XUsmhc)

The company has often adjusted price of its forthcoming self-driving features and pushed owners to buy them before delivery.

Tesla's shares were down 1% at $250.92 in afternoon trading.

Earlier this month, Tesla said global deliveries of its three models in the second quarter of this year rose 51% from the previous quarter to a record 95,200 vehicles. The Model 3 accounted for about 80% of the total, underscoring the vehicle's role as the linchpin of Tesla's growth strategy.

The automaker said it expected production and deliveries to continue growing in the third quarter.

In China, the world's largest market for electric vehicles, Tesla's changes on Tuesday pushed up the starting price of its Model X to 790,900 yuan (£92,710) and Model S to 776,900 yuan.

Tesla is building a factory in Shanghai where it initially plans to build Model 3 cars. It is taking orders for those China-made versions, which have a starting price of 328,000 yuan.

(Reporting by Yilei Sun and Norihiko Shirouzu in Beijing; Additional reporting by Vibhuti Sharma in Bengaluru and Alexandria Sage in San Francisco; Editing by Christopher Cushing and Shounak Dasgupta)

By Yilei Sun and Norihiko Shirouzu

Stocks mentioned in the article
ChangeLast1st jan.
TESLA INC. -2.32% 241.3374 Delayed Quote.-25.90%
US DOLLAR / CHINESE YUAN RENMINBI (USD/CNY) -0.06% 7.0908 Delayed Quote.3.05%
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Financials (USD)
Sales 2019 24 642 M
EBIT 2019 -551 M
Net income 2019 -1 257 M
Debt 2019 8 214 M
Yield 2019 -
P/E ratio 2019 -33,4x
P/E ratio 2020 1 741x
EV / Sales2019 2,13x
EV / Sales2020 1,72x
Capitalization 44 173 M
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Mean consensus HOLD
Number of Analysts 32
Average target price 265,57  $
Last Close Price 246,60  $
Spread / Highest target 115%
Spread / Average Target 7,69%
Spread / Lowest Target -43,2%
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NameTitle
Elon Reeve Musk Chief Executive Officer
Robyn M. Denholm Chairman
Deepak Ahuja Chief Financial Officer
Jeffrey B. Straubel Chief Technology Officer
Gary Clark Chief Information Officer
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