Elon Musk cuts Tesla Model S base price to $69,420

News					Tesla Model Y shunned in favor of Polestar 2 and Honda e in 2021 German Car of the Year awards

Elon Musk tweeted that his electric vehicle company Tesla will start making its seven-seater Model Y in November. This Lucid Air version has a 406-mile range for that price. Because most buyers qualify for the credit, that brings the effective price down to $69,900.

To be more exact, the Lucid Air will cost $77,400 (£59,945) - minus a $7,500 (£5,808) USA tax credit, which most buyers qualify for, bringing the price down to $69,900. You see where this is headed, right? But owners of any Lucid (including the base model) are eligible for three years of free charging through the Electrify America charging network.

This comes less than a month after Tesla dropped pricing for China-made Model 3 sedans by roughly 8% to 249,000 yuan ($36,805).

But Musk's Tesla reduction is actually the second of this week, having quietly cut $3,000 (£2,323) off the Model S, according to CNET. The more modestly priced Air with just a single motor looks a little different from the dual-engine, all-wheel drive Dream.

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Tesla Inc will further cut the price of its Model S "Long Range" sedan in the United States to $69,420, the electric carmaker's chief executive, Elon Musk, announced in a tweet bit.ly/2H0JCP0 on Wednesday. Also note that the Air will likely include a destination fee, but Lucid hasn't yet set that. The Model S still has the same overall shape and feel since its 2012 introduction.

Primacy has a price, and Lucid will get much-needed revenue flowing by rolling out its top models of the 2021 Air first.

During a recent interview with TechCrunch, Lucid CEO Peter Rawlinson told TechCrunch editor Darrell Etherington that the Air would be available at a price "surprisingly lower than $80,000".

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