Tesla slashes Model S and X prices again by up to $10,000

Tesla has trimmed the prices of its top models again.

In January, the electric automaker reduced the prices of the Model S and Model X by up to $21,000, depending on the trim, and on Sunday, cut them again.

The entry-level Model S Dual Motor All-Wheel Drive now starts at $89,990, a $5,000 reduction that brings this year's cut to $15,000.

The higher performance Model S Plaid was also reduced by $5,000 to $109,990, which represents a $26,000 drop since the start of 2023.

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The same trims of the Model X had their prices lowered by $10,000 to $99,990 and $109,990. The SUVs were $120,990 and $138,990 at the beginning of the year.

Tesla sells its vehicles directly to consumers and frequently updates their list prices rather than using typical incentive or discount programs.

Several recent Tesla buyers voiced their displeasure with the January cuts, citing the apparent loss in value they precipitated.

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"I feel like I got duped. I feel like a got taken advantage of as a consumer," Marianne Simmons, a Tesla owner who purchased her latest vehicle from the company in September, told The Wall Street Journal.

"Right off the bat, I’m out $13,306. It’s such a large reduction that it’s going to affect a lot of people who just bought a vehicle."

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During Tesla's investor day presentation last week, CEO Elon Musk said cutting manufacturing costs was one of the company's main goals and that the next generation vehicle it will build in Mexico will be 50% cheaper to build than the platform used for the Model 3 and Model Y, it's lowest priced vehicles today.

Fox Business' Bradford Betz contributed to this report