Written by Reananda Hidayat Permono
Completed Master of Science - MS, Petroleum Geology from Curtin University, Perth, Australia.
Tesla is cutting prices for its electric cars as it's facing challenges of buyers' higher borrowing costs and competitors offering more car options.
The automaker has applied the price reductions on its official website, worth several thousand pounds.
During a presentation to investors, Elon Musk said price cuts were working to increase demand.
Moreover, it marks the fifth time Tesla has cut its vehicle prices since the start of the year.
Here are more updates about Tesla that you need to know.
Why do Teslas cost so much? Tesla's electric cars are expensive since the automaker uses the latest technology and high-quality materials for their products.
Why is Elon Musk in Tesla? As the CEO and co-founder, Musk leads all product design and manufacturing of electric vehicles and solar energy products.
What is the smallest Tesla? The Tesla Model 3 (2023) is the smallest Tesla available in three versions: base, long-range, and performance.
What is the world's fastest car? In August 2019, Bugatti became the fastest car, topping the reigning champion Hennessey Venom F5.
Besides, Chiron Super Sport 300+ became the first car to break 300 miles per hour.
Why are electric cars expensive? Electric cars use batteries with lithium-ion technology (containing rare earth material) that increases the manufacturing cost.
Larger vehicles are more expensive since they use large batteries.