Tesla cuts US prices for sixth time this year

Tesla Inc late on Tuesday further slashed prices in the United States for some of its Model Y and Model 3 electric vehicles, according to its website, ahead of its first-quarter results on Wednesday.

The Elon Musk-led electric vehicle maker's sixth price cut in the U.S. will see the cost of both the Model Y Long Range and Performance vehicles cut by $3000 each. The cost of its Model 3 Rear Wheel Drive will be cut by $2000 to $39,990.

The move comes after the company recently cut prices for its electric vehicles in Europe, Israel and Singapore, expanding a global discount drive it began in China in January, while raising concerns about its industry-leading profit margin.