Tesla cuts starting price of Model X crossover

A Tesla logo adorns a ‘Model S’ car in the dealership in Berlin, Germany, November 18, 2015.

Reuters/Hannibal Hanschke/File Photo

Tesla Motors Inc has cut the starting price of its Model X crossover, the second time this year the electric vehicle maker has lowered prices after missing sales targets.

Tesla said on Wednesday a new version of the Model X crossover, the 60D, will be priced from $74,000, $9,000 less than the Model X 75D. Equipped with a 60kWh battery, the 60D has less torque and a shorter range between charges than the 75D.

Last month Tesla, one of the world’s best known electric vehicle makers, cut the base price of its Model S sedan to $66,000.

Earlier this month, Tesla said it missed its sales targets for the second consecutive quarter, and is on track to miss its full-year goal of 80,000-90,000 vehicles.

Tesla plans to add a new low-priced car, the Model 3 sedan, which is to start at around $35,000 and is expected to go on sale in late 2017.

Tesla shares were up slightly in premarket trading at $225.35.

(Reporting by Paul Lienert in Detroit; Editing by Jeffrey Hodgson)