Tesla Inc. cut prices for some of its vehicles sold in the U.S. by nearly 20%, aiming to lure new buyers at a time Wall Street is concerned appetite for the car maker's vehicles is weakening.

The cuts, which span Tesla's lineup, are likely to allow some buyers to qualify for a $7,500 U.S. government tax credit.

Elon Musk's car company slashed the price of its baseline Model Y crossover by almost 20% to $52,990, not including certain fees. That enables buyers to qualify for the tax incentive by putting the vehicle below a $55,000 cap. Tesla's 14% cut to the price of a high-performance version of its Model 3 sedan, which now costs $53,990, also puts that configuration within the price range needed for buyers to receive the tax benefit.

The Model 3 and Model Y are Tesla's bestselling vehicles and represent the bulk of the company's output. The company also lowered prices for its Model S luxury sedans and Model X sport-utility vehicles.

The company didn't immediately respond to a request for comment.

The price cuts come a week after Tesla cut prices in China by as much as around 13% after deliveries of its Shanghai-made cars plunged in December.

Tesla is facing more competition in the electric-vehicle market as both traditional car companies and newer entrants introduce new models and capture market share.

Last month, Mr. Musk suggested that the higher interest-rate environment was hurting vehicle demand. Tesla offered discounts to many buyers who agreed to take delivery of vehicles before January to goose sales i n a year-end sales push.

Despite offering incentives, Tesla missed its 2022 growth target. It delivered about 1.31 million vehicles last year, up roughly 40% from 2021. The company initially aimed to increase annual vehicle deliveries by 50% or more.

The subdued delivery figures capped a difficult year for Tesla that saw its stock suffer its worst annual performance. The company's stock fell about 65% in 2022.