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Tesla Inc. (TSLA) - Get Free Report shares were down 1.37% to $361.455 in morning trading Friday after the company announced that it would cease production of the cheapest version of its Model S vehicle. 

The vehicle, which starts at $69,500, is currently the cheapest model S available. Once production ceases after Sunday, September 24 the cheapest Model S will start at $74,500. 

Tesla is already in the early stages of ramping up production of its budget Model 3 vehicle which is expected to cost between $40,000 and $50,000. 

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