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Elon Musk run-Tesla has launched its flagship Model S and Model X with standard variants at more affordable prices in the US and Canada, slashing it by $10,000 amid fierce competition in the premium EV car market.

The introduction of the Model S and Model X Standard Range was spotted on Tesla's online configurator, reports Teslarati.

On Tesla’s official website, the Model S Standard Range is now priced at $78,490 before options. The Model S SR offers a range of 320 miles of range per charge and a 3.7-second, 0-60 mph time. The vehicle also features a top speed of 149 miles per hour.

The Tesla Model X Standard Range is now offered at a starting price of $88,490 before options.

The users could acquire the all-electric SUV that features a range of 269 miles per charge and a 0-60 mph time of 4.4 seconds.

The Model S SR and Model X SR provide a lower entry point for the two Tesla flagship EVs.

"At less than $80,000 for the Model S SR and less than $90,000 for the Model X Standard Range, the vehicles could very well be a steal deal," said the report.

Unlike Tesla Model 3 and Model Y, which are eligible for a $7,500 US tax credit, the S and X receive no discounts.

The company has reduced prices of its cars in the past to sell more units.

Tesla reported a revenue of $25 billion with a net income of $2.7 billion (up 20 per cent year-on-year) in the second quarter (Q2) this year.

In the second quarter, Tesla produced nearly 480,000 vehicles and delivered over 466,000 vehicles.

“For 2023, we expect to remain ahead of the long-term 50 per cent CAGR with around 1.8 million vehicles for the year,” according to Tesla’s earnings report.

“We are focusing on cost reduction, new product development that will enable future growth, investments in R&D, better vehicle financing options, continuous product improvement and generation of free cash flow,” said Tesla.