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Tesla Drops Certain Models; Updates Prices

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Tesla Inc. updated pricing and options across its entire product line-up, while discontinuing the standard-range variants of the Model X sports utility vehicle as well as the Model S sedan.

The luxury electric car maker has updated its online design studio to reflect the changes. The Model X and Model S are now offered only in the "Long Range" and the more expensive "Performance" versions. As a result, the long-range versions of both models are now the entry-level variants.

Tesla has periodically adjusted prices for its vehicles over the past year after the federal EV tax credit was gradually reduced. In October 2018, it increased the price for the cheaper version of its new Model 3 sedan just three days after it was launched.

Following the discontinuation of the standard-range variants, the Model X now starts at $84,990 and the Model S comes at a starting price of $79,990. The prices are excluding potential incentives or gas savings of $9,675 and $9,875 for the Model X and Model S respectively.

In addition, the car maker lowered the starting price of its mass-market Model 3 to $38,990, excluding potential incentives and gas savings of $8,675.

The pricing and option changes come just two weeks after Tesla reported record production and deliveries for the second quarter.

The automaker reported production of 87,048 vehicles and deliveries of approximately 95,200 vehicles in the quarter. The company delivered 77,550 Model 3 cars, accounting for 81 percent of the total deliveries in the quarter.

Tesla also delivered 17,650 Model S and Model X electric vehicles. Tesla's previous quarterly record was 91,000 deliveries in the fourth quarter of 2018.

"We believe we are well positioned to continue growing total production and deliveries in Q3," the company said in a statement.

Tesla also said it has made significant progress by streamlining global logistics and delivery operations at higher volumes, enabling cost efficiencies and improvements to its working capital position.

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