Tesla cuts US prices for sixth time this year ahead of Q1 results

Quarterly results: A Tesla showroom and service centre in Amsterdam. The electric vehicle maker is announcing its earning this week. — AFP

TESLA Inc cut prices for some of its Model Y and Model 3 electric vehicles in the United States, its website showed late on Tuesday, the sixth time it has lowered U.S. prices this year amid concerns about the effect on its profit margins.

Tesla, which is due to report January-March quarter results on Wednesday, cut the prices of its Model Y 'long range' and 'performance' vehicles by $3000 each and that of its Model 3 'rear-wheel drive' by $2000 to $39,990.