Tesla Inc. (TSLA) 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.
More of What's Trending on TheStreet: