August 17, 2023: Tesla rolled out more affordable renditions of its Model S and Model X cars in the U.S. as competition in the electric vehicle space continues to ramp up.

According to Tesla’s website, the lower-cost versions of both vehicles launched are $10,000 less than the regular model on Monday.

The Model X Standard Range starts at $88,490 versus $98,490 for the Model X. The cheaper version has a driving range of 255 miles to 269 miles. For comparison, the Model X ranges from 330 to 348 miles and has a slightly faster acceleration speed.

The Model S Standard Range begins at $78,490 versus $88,490 for the Model S. The cheaper version of the Model S has a driving range of 298 miles to 320 miles. The Model S has a range of 375 miles to 405 miles.

Tesla continues to focus on gaining market share and boosting sales of its cars at the expense of margins. In its June quarter earnings, the carmaker, run by billionaire Elon Musk, reported working margins of 9.6%, the lowest for at least the last five quarters.

The lower-cost cars are part of a broader drive by Tesla focusing on being competitive on price as automakers worldwide launch electric vehicles, and competition heats up.

Tesla has continuously tinkered with its prices in key markets. On Sunday, the group cut costs again for its Model Y and Model 3 cars in China.

The Model S and Model X are the oldest vehicles, and the price drop may be an attempt to breathe fresh life into the cars as investors await mass production of the group’s Cybertruck next year.