's (NASDAQ: TSLA) pricing power may be becoming a thing of the past.

The electric vehicle (EV) leader has slashed prices on its vehicles several times this year in a bid to remain the top dog in the space and to drive sales. In its third quarter, Tesla's average selling price across its vehicles fell by roughly $9,000 to just over $45,000.

CEO Elon Musk spent much of the third-quarter earnings call arguing about how important it is for Tesla to be competitive on price. Musk explained that most car buyers use some form of financing so the company has lowered prices on its vehicles to counter higher interest rates and keep monthly payments from going up.

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Source Fool.com