Tesla slashes prices to boost demand

Tesla is slashing prices to rev up demand that's been hammered as people stay at home. The luxury electric vehicle maker chopped prices in North America as much as 6%.

Its shaving $5,000 off its Model X SUVs and Model S sedans, which will now retail for just under $80,000 and $75,000 respectively. The lower-priced Model 3 sedan is now $2,000 cheaper, at just under $38,000. Tesla also said it'll cut prices in China by around 4% for the Models X and S.

Other automakers like GM, Ford and Fiat Chrysler, are offering 0% financing and deferred payment options in a bid to lure buyers after auto sales hit the brakes.

Analytics firm J.D. Power predicts retail sales of autos in the U.S. were likely halved in April from a year earlier. But it says sales are likely to improve in May due to incentives and pent-up demand.

Car plants in the U.S. have begun to reopen this month. Tesla resumed production at its California factory after resolving a dispute over safety measures with local authorities.