Tesla is cutting prices again to boost demand in an increasingly crowded electric vehicle (EV) market. The EV maker on Thursday cut prices on all of its models, including a $5,000 price drop for its luxury Model S and Model X vehicles. Tesla also began taking orders on a new, cheaper Model Y that starts at under $50,000. Tesla CEO Elon Musk has said he’s willing to sacrifice profit margins to cement Tesla as the dominant EV manufacturer. Tesla is the best-selling EV company in the U.S. but has gradually ceded market share as major auto companies rush to catch up. Still, Tesla can stay profitable on lower prices, while competitors such as Ford have yet to turn a profit on EVs.
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