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Tesla cut prices on its two most expensive models in the U.S., the Model S and Model X, in a renewed bid to stoke demand for its cars. The latest price reduction is likely unrelated to EV tax credits introduced in President Joe Biden’s Inflation Reduction Act, as they remain above the $55,000 threshold to qualify for up to $7,500 toward purchasing new vehicles. The pace and frequency of Tesla’s price adjustments goes beyond what established automakers have attempted in the industry, where the base price of a vehicle in inventory is still referred to as a “sticker price.” This has ignited a price war among carmakers competing to lower their prices in a bid to lure in more customers and drive sales.

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