DETROIT — Tesla cut prices on its entire U.S. electric vehicle model lineup for the third time this year in an apparent effort to attract more buyers amid rising interest rates. The largest of the cuts that appeared Friday on Tesla’s website were $5,000 per vehicle for the company’s slower-selling, more expensive models, the S large sedan and the X big SUV. The company lopped $2,000 off the price of the Y small SUV, its most popular model, and added a lower-cost dual-motor version priced at $49,990. The 3 small sedan saw a $1,000 price cut. Advertisement The moves come as Tesla’s first-quarter sales grew 36% but fell short of analysts’ expectations. The company said Sunday that it delivered a quarterly record of 422,875 vehicles worldwide from January to March, up from just over 310,000 a year ago. But the increase fell short of analyst estimates of 432,000 for the quarter, according to FactSet. A message was left Friday seeking comment from Austin, Texas-based Tesla on why the prices were cut. ‘I feel duped’: Tesla price drop angers current owners Tesla owners are fretting over plummeting resale value after the company cut the price of its cars as much as 20%, part of a push by Chief Executive Elon Musk to increase sales volume in the face of weakening demand. Jan. 13, 2023 Guidehouse Research e-mobility analyst Sam Abuelsamid said the cuts are a sign of slowing demand for Tesla. The company, he said, needs to sell more vehicles to keep its factories running at full capacity to protect high profit margins. “Overhead of underutilized plant eats up margin extremely quickly,” he said. Advertisement Tesla has added a huge plant near Austin to its U.S. factory footprint, in addition to its original plant in Fremont, Calif. The company also has built new plants in Shanghai and near Berlin. Other analysts have speculated that Tesla was cutting prices to take advantage of its profit margin per vehicle, which is larger than most automakers’. The move could increase market share and put pressure on startups and legacy automakers now rolling out EVs. On Twitter on Friday, Tesla Chief Executive Elon Musk wrote that demand is limited by affordability. “There is plenty of demand for our products, but if the price is more money than people have, that demand is irrelevant,” he wrote. Advertisement The biggest of Friday’s cuts came on Tesla’s aging S and X, which saw sales drop 38% from January through March. The Model S two-motor price dropped 5.6% to $84,990, while the S tri-motor Plaid was trimmed 4% to $104,990. The company cut 5% from the X two-motor price, to $94,990, while the X Plaid saw a 4.6% drop to $104,990.