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Benzinga

Business

Rachit Vats

Tesla Lowers Prices For A Key Product: Here's What You Need To Know

Tesla Inc. Electrek

Tesla Inc (NASDAQ: TSLA) has cut prices for its home charging station, automotive news website Electrek reported on Thursday, citing the electric vehicle maker’s website.

What Happened: Tesla has lowered the price of its Wall Connector, one of its most popular products, by $55 to $495.

The Wall Connector is considered the most affordable home charging option, initially sold at $500 for a long time until Tesla raised the price to $550 in November.

It has a capacity of up to 11.5 kW / 48 amp.

Tesla did not respond to Benzinga’s request for comment outside of business hours.

See Also: Tesla Hikes Prices In Both US, China For The Second Time Within A Week: All You Need To Know

Why It Matters: The price cut comes at a time when CEO Elon Musk has complained about significant inflationary pressure on raw materials and logistics, prompting price hikes for some car models in the U.S. and China.

Price Action: Tesla stock closed 3.7% higher at $871.6 a share on Thursday.

Photo courtesy: Tesla

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