As Elon Musk's SpaceX tried to soar to new heights Wednesday, Tesla announced it would bring down its car prices.
His electric vehicle and clean energy company reduced the price of the Model 3, Model S and Model X in North America, according to Tesla's website.
• The lowest-priced sedan, the Model 3, dropped $2,000 across all trims, and the entry-level Standard Range Plus Model 3 starts at $37,990.
• Model S gets a $5,000 price cut, starting at $74,990 for its entry-level Long Range Plus version.
• Model X dropped by $5,000, starting at $79,990. Its Performance version got a $5,000 cut.
• Model Y, Tesla’s newest car, is staying put at $52,990.
The higher-end Model S sedans and Model X sport utility vehicles won't come with free Supercharger quick-charging fill-ups for new purchases.
USA TODAY reached out to Tesla for comment.
Tesla, like many car manufacturers, is looking to stimulate sales after the decline in demand caused by the coronavirus pandemic.
AutoData Solutions, which analyzes monthly auto sales, said the pace of auto sales in April was the lowest sales rate since the firm started calculating the data in 1980.
Tesla restarted production at its Fremont, California, facility after a dispute with Alameda County officials over the safety precautions needed to operate the factory during the pandemic.
How the latest price fluctuations play out with investors remains to be seen. Tesla's stock teetered Wednesday between a loss of 0.8% and 1%, before market close. Musk tweeted this month that the stock price was "too high."
Follow Josh Rivera on Twitter: @Josh1Rivera.
This article originally appeared on USA TODAY: Tesla cuts car prices by up to $5K