March 6, 2023, 10:48 AM 0:47 A Tesla Model X electric car is seen at the Brussels Motor Show, Belgium, Jan. 9, 2020. Francois Lenoir/Reuters, FILE Electric carmaker Tesla slashed the prices of its two most expensive cars in the U.S., the automaker's website showed on Monday. The price cuts spanned from 4% on the performance version of the Model S to 9% on the more expensive Model X, according to a Reuters analysis. The move follows a previous cut in January that brought down prices worldwide as much as 20%. Later that month, CEO Elon Musk said the discounts had significantly boosted car orders following the announcement. "Price really matters," Musk said on an earnings call. "I think there's just a vast number of people that want to buy a Tesla car but can't afford it." The move aims to further bolster demand as Tesla faces slowing sales and heightened competition. MORE: Electric vehicle drivers get candid about charging: 'Logistical nightmare' At the outset of this year, Tesla reported disappointing sales for the last three months of 2022, which fell short of Wall Street expectations. Tesla delivered 405,000 vehicles from October through December; analysts anticipated 420,000 deliveries. The news sent the company's stock tumbling 12% in a single day. In all, Tesla stock has fallen nearly 30% over the past year. Shares fell almost 2% in early trading on Monday after the price cut. Tesla did not immediately respond to a request for comment. Dan Ives, a longtime Tesla bull and managing director of equity research at Wedbush, applauded the price cuts on Monday. "Tesla cutting Model S and X prices another smart strategic move by Musk & Co.," Ives said on Twitter. "Lower price points have resonated well and spurred considerable demand." Tesla founder Elon Musk attends Offshore Northern Seas 2022 in Stavanger, Norway Aug. 29, 2022. Ntb/via Reuters, FILE Musk, who acquired Twitter in late October, has drawn scrutiny over his apparent focus on the social media platform. Musk said in December that he would resign as head of Twitter when the company identifies a successor. Previously, Musk has attributed Tesla's falling stock price to rising interest rates, which typically hurt stockholders and benefit savers, who stand to gain from an uptick in the interest yielded by accounts held at banks. MORE: Electric vehicle batteries require precious minerals. That old cellphone may be the solution