Tesla's stock price is up around 0.63% on Thursday after the company lowered prices on its most expensive vehicles.
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Tesla is rising after slashing prices on its highest cost cars (TSLA)
Tesla's stock is getting a boost after cutting prices on some of its more expensive vehicles.
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The company's cars are listed on its website for $3,500 to $5,000 lower than yesterday, with the highest drop coming from the Model S and X P100Daccording to a report from Engadget.
Tesla vehicles have had a history of price fluctuations. The company often passes along both increases and decreases in manufacturing costs to the consumer. It lowered the price of a Model S by $2,000 last year, for example.
Tesla is currently trying to ramp up production of its new Model 3 vehicles. The company's Gigafactory is helping to produce the large number of batteries needed for the electric vehicles. The factory is slated to reach full production capacity by 2018.
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Competition in the electric vehicle space is heating up as Tesla is no longer the only car maker focusing on electric vehicles.
Ford's new CEO is making a big push into electrification, and Honda just announced it would be releasing two new electric vehicles in 2018.
Tesla is up 65.36% this year, and is trading at about $355.81.
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