VIDEO: Tesla Raises Prices on Model S and Model X

Read Full Article On : Fortune It’s going to cost more to drive one of Tesla’s two premium vehicles. The automaker has increased the base cost of the Model S to $79,900, while the Model X will now go for $84,990. Those are hikes of nearly $5,000 and just under $4,000, respectively. The company has also dropped the standard-range models of both cars from its lineup. The more popular Model 3, however, will be slightly more affordable, as Tesla has cut that vehicle’s base price by roughly $500 to $38,990. This is the third price change this year by Tesla, though the company says the most recent action was done to make it easier for consumers to decide which model was best for them. Tesla has a cult following among consumers, but has fallen from favor with investors and analysts, with many abandoning the company, in large part because of erratic behavior from founder Elon Musk. Earlier this year, Morgan Stanley said the company’s shares could drop as low as $10. Drivers continue to embrace the company, though. Global deliveries in the second quarter were up 51% compared to the previous year. In total, says Tesla, 95,200 vehicles found their way to drivers. The Model 3 is by far the most popular car, making up nearly 80% of total sales.