Tesla is cutting prices for some of its electric vehicles again in the U.S.

Closing Bell

Tesla Slashes US Prices Again For Pricier Models

Starting with Tesla. Yes, another day, another Tesla story. And this time, it might seem like Deja Vu because Tesla cutting prices for some of its vehicles in the US. Again, the V giant slashing costs of its two most expensive models. The model S and the model X and the stock is down 1.7%. Well, it's the fifth time this year alone that the company is updating the price of its electric vehicles. The lower prices are an effort to spur demand. As Elon Musk has noted that previous price cuts lead to higher demand. You can see the new starting prices on your screen for these vehicles. The plat performance version of the model S and Model X now have the same starting price of just shy of $110,000. So it is still pricey but Musk announcing just last week plans to ramp up production at the company's Shanghai factory in order to meet higher demand from previous price cuts. In fact, its most important Gigafactory.