Rear left side of the Tesla Model S. (Tesla)

For the second time in one week, Elon Musk announced on Twitter that Tesla will slash the price of the Model S. First around USD $71,000 and then to just under USD $70,000.

One reason for the price cut is increased competition. Tesla is now battling a rising tide of EV manufacturers.

For example, Lucid announced that its entry-level sedan will cost USD $77,400 minus a USD $7,500 tax credit. This brings the effective price down to USD $69,900. You see where this is headed, right?

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