Tesla shares are dipping slightly lower on Friday morning after it was reported late Thursday night that Tesla would be making even more price cuts to its Model 3 and Model Y vehicles. 

The new cuts to model prices are as follows:

Model 3 Now $38,990 From $40,240

Model 3 Performance Now $50,990 From $53,240

Model 3 Long Range Price Cut To $45,990 From $47,240

Model Y Long Range Now $48,490 From $50,490

Model Y Performance Now $52,490 From $54,490

So far, the price cuts have been a winning formula for Tesla, allowing the automaker to remain at the tip of the demand spear in a global EV race that is now beyond super-saturated with competition.

The price cuts come just days after Tesla missed its modest Q3 delivery estimates.  In Q3, the company delivered 435,059 vehicles and produced 430,488 vehicles, missing consensus delivery estimates of 456,722.

The quarter marked the first sequential drop in total deliveries since Q2 2022. Prior to that, the last sequential drop in total deliveries occurred in early 2020, as the chart below shows.