This is the fifth time the price has been lowered this year

Tesla has cut its price for its electric vehicles – again.

This is the fifth time the car company has adjusted pricing on its website this year.

The cuts range from four to nine percent this time around.

Tesla is facing challenges from other rivals entering the market and taking share, as well as higher borrowing costs.

In the US, the latest discounts apply to the firm’s more expensive vehicles, the Model S, its sports car, and the Model X, the company’s mid-size sports utility vehicle.

In Europe and the UK, the cuts listed on the website apply to the Model 3 sedan and Model Y.