Tesla cut the best-selling Model Y, Model X, and Model S prices in the US by $2,000 on Friday evening local time. Previously, disappointing first-quarter sales boosted inventory. The price of the low-end Model Y dropped from the previous $44,990 to $42,990. Model S and Model X prices have also been similarly lowered. The Model 3 appears to have remained the same in price. Tesla will announce its first quarter earnings next Tuesday. Tesla's stock price has dropped more than 40% this year due to concerns about factors such as declining sales and increased competition. The automaker experienced its first year-on-year sales decline in the first quarter since the beginning of the COVID-19 pandemic, delivering 386,810 vehicles, far below analysts' estimates of 449,080 vehicles.