Elon Musk wants to make his Tesla cars more “affordable.”

Tesla’s shares fell 1.8% this Friday after it announced that it is slashing the prices of Model X and Model S to penetrate the China market. This was done to overcome the problems which China faces after Donald Trump’s new tariff policies. The prices are expected to drop in between 12% to 26%.


Source- Live Sciences

Tesla specifically used the word “affordable” in an interview to Reuters. Four months ago, when Beijing announced that the country would offer retaliation against Trump’s tariffs imposition, Tesla hyped its price by 20%. Tesla was at $387 on 7th of August. Elon Musk then said that his target is to achieve $420 a share, and had secured funding for it.

However, Musk didn’t have any “funding secured” and the share fell to $250 a share. The shares managed to rise to $350 when the company appointed Robyn Denholm in its new board chair.

Source- Business Insider