NEW YORK (TheStreet) -- Tesla Motors  (TSLA - Get Report) is adding a lower priced version of its Model X crossover starting at $74,000, CNBC's Kelly Evens reported on "Squawk Box" Wednesday morning.

The new model has a shorter range and less torque, but is $9,000 less expensive than the Model X 75D. The company recently cut the price of its Model S sedan to $66,000 while missing its sales targets, she said.

Earlier this week, the SEC began an investigation into Tesla to see if the company failed to disclose the autopilot crash that killed the driver in May. 

"He is the consummate entrepreneur, and he has a vision and he is going to be continue to move down the path, and he has done a great job with the company," Andreessen Horowitz managing partner Scott Kupor said when asked about Tesla CEO Elon Musk.

Musk chose to cut the prices of Tesla's electric car models to give them broader mass appeal, Kuper said.

"It is a very good strategy, and so far working quite well for him," he said.

Shares of Tesla are down by 1.35% to $221.62 on Wednesday morning. 

Separately, TheStreet Ratings team has this stock at a "sell" with a ratings score of D+. The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, generally high debt management risk, disappointing return on equity, weak operating cash flow and generally disappointing historical performance in the stock itself.

TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

You can view the full analysis from the report here: TSLA