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Tesla To Retire Lowest-Range Versions of its Model S, X Vehicles

The price for a new Model S will start at $94,000 and the starting price for a Model X will be $97,000 from next week, according to Musk's tweet-announcement

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Tesla to lay-off 7% full-time staff amid China dreams. Pixabay

Tesla will stop selling the lowest-range versions of its Model S sedans and Model X SUVs from Monday, the electric car maker’s CEO Elon Musk said. “Starting on Monday, Tesla will no longer be taking orders for the 75 kWh version of the Model S & X,” Musk revealed in a tweet on Wednesday, while asking people interested in buying those vehicles to place their orders latest by Sunday.

Higher-end versions of the S and X, equipped with a 100 kWh battery, will still be made and sold by Tesla, but at a higher price, CNBC reported, adding that Tesla did not respond to inquires as to why the S and X offerings were pared back.

Tesla CEO Elon musk, board
Musk lays foundation of first Tesla plant in China. (VOA)

The price for a new Model S will start at $94,000 and the starting price for a Model X will be $97,000 from next week, according to Musk’s tweet-announcement. The Model S and X are Tesla’s second and third major lines of electric vehicles, and are higher-priced lines compared to its newest Model 3, the report said. Tesla is taking steps to start Model 3 production in China.

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Earlier this week, Musk laid the foundation of a Tesla Gigafactory in Shanghai — the first-ever outside the US — that is expected to produce 500,000 electric vehicles per year and double the production capacity of Tesla. “Aiming to finish initial construction this summer, start Model 3 production end of year & reach high volume production next year,” Musk had tweeted, adding that “Shanghai Giga production of Model 3/Y will serve greater China region”. (IANS)

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Musk-run Tesla Hits $100-bn Market Value for the First Time

In the third quarter, automotive revenues were $5.35 billion. Tesla said it expected to deliver between 360,000 and 400,000 vehicles this year, representing 45-65 per cent growth

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Elon Musk, a technology entrepreneur. Pixabay

Signalling an all-electric future is coming our way, Elon Musk-run Tesla has hit the $100 billion in stock market valuation for the first time.

Tesla shares were last up 1.4 per cent at $555 after trading was closed on Tuesday, reports CNBC.

The milestone came less than a month after Tesla’s stock crossed $420 — a price Musk tweeted last year which put him in much trouble.

The $100 billion valuation must stay for both one-month and six-month average in order to help Musk get first of 12 tranches of $346 million in a record-breaking pay package.

Tesla is currently valued more than Ford Motor and General Motors combined.

Tesla logo
A Tesla logo is seen in Los Angeles, California. VOA

Musk lost his position as Tesla Chairman after posting a notorious tweet in August last year that he was “considering taking Tesla private at $420. Funding secured”.

The US Securities and Exchange Commission (SEC) sued Musk over the tweet, saying he misled investors by claiming falsely he had lined up funding for the take-private transaction.

Musk reached a settlement with the SEC, agreeing to give up his role as Tesla Chairman and pay a $20 million fine.

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Tesla surprised Wall Street in October by registering a profitable third quarter with a total revenue of $6.3 billion riding on sales of its Model S, Model X and Model 3 electric cars.

In the third quarter, automotive revenues were $5.35 billion. Tesla said it expected to deliver between 360,000 and 400,000 vehicles this year, representing 45-65 per cent growth. (IANS)

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