© Reuters. FILE PHOTO: The logo of car manufacturer Tesla is seen at a branch office in Bern, Switzerland October 28, 2020. REUTERS/Arnd Wiegmann/File Photo/File Photo
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(Reuters) -Tesla has introduced two cheaper versions of its Model S sedan and Model X SUV in the U.S. with shorter driving ranges, the automaker’s website showed on Monday, continuing its focus on driving down costs to prioritize sales growth.
The new S and X “standard range” models are priced at $78,490 and $88,490, respectively – about 10% lower than the previous lowest-priced models – and are available for delivery between September and October 2023, the website showed.
The lowest price is for cars with a “pearly white” exterior and an all-black interior, with other colors costing extra.
The new Model S has a driving range of up to 320 miles (515 km), lower than the basic and performance, plaid versions that offer up to 405 miles and 396 miles, respectively.
The new Model X SUV has range of up to 269 miles, well below its basic and performance, plaid versions that offer up to 348 miles and 333 miles, respectively.
Tesla (NASDAQ:TSLA) did not immediately respond to a request for comment on the new versions of the models.
The Austin, Texas-based automaker has slashed prices in the U.S., China and other markets since late last year, and has offered other incentives to reduce inventory, trying to shield itself against competition and economic uncertainty.
The company on Monday cut prices in China for its Model Y long-range and performance versions, sending shares lower on concerns of further pressure on its profit margins.
The latest moves come as the carmaker readies the first deliveries of its delayed Cybertruck and works to complete a plant in Mexico dedicated to a mass-market EV that will be the basis for a robotaxi.
Tesla’s S and X models are the company’s oldest offerings, introduced in 2012 and priced at a premium compared to the Model 3 sedan and Model Y crossover vehicles.
The company delivered 19,225 Model X and S vehicles in the second quarter of this year, up from 16,162 vehicles last year.