Tesla launches new and cheaper Model S and X cars in US

Tesla (TSLA.O) introduced new standard range Model S and Model X cars in the United States, priced cheaper than the other versions of the S and X models, the automaker’s website showed on Monday.

The new S and X models were priced at $78,490 and $88,490, respectively, the website showed.

Earlier in the day, the company cut prices in China for its Model Y long-range and performance versions starting on Aug. 14, sending shares lower on concerns of further pressure on its profit margins.

Tesla has slashed prices several times in the US, China and other markets since late last year, and has offered other incentives to reduce inventory, trying to shield itself against competition and economic uncertainty.

The company delivered 19,225 Model X and S vehicles in the second quarter compared to 16,162 vehicles it delivered last year.