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Tesla Reportedly Cuts Price Of Model Y SUV By $3000

Tesla reportedly slashed the price of the Model Y SUV by $3,000, just after four months of its launch. The American electric carmaker aims to maintain the sales momentum in the COVID-19 pandemic.

It is the second significant price cut Tesla has made in roughly six weeks expand View Photos
It is the second significant price cut Tesla has made in roughly six weeks

Tesla Inc cut the price of its sport utility vehicle Model Y by $3,000, just four months after its launch, as the U.S. electric carmaker seeks to maintain sales momentum in the COVID-19 pandemic. The reduction follows price cuts in May on Tesla's Model 3, Model X and Model S. The company headed by Elon Musk this month posted a smaller-than-expected fall in car deliveries in the second quarter, resilient results despite the pandemic that hit the global auto industry.

Also Read: Tesla Model 3 Expected To Arrive In India Soon, Hints CEO Elon Musk

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Tesla's Model Y SUV now retails with a starting price of $49,990

The Model Y now starts at $49,990, down nearly 6% from its previous price of $52,990, according to the carmaker's website. Tesla did not immediately respond to a Reuters request for comment.

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Tesla commenced the deliveries of the Model Y in March

Also Read: Elon Musk Hints At The Possibility Of A New Tesla Gigafactory In Asia Outside China

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The company started deliveries of the Model Y in March, promising a much-awaited crossover that will face competition from European carmakers like Volkswagen AG rolling out their own electric rivals. In April, Tesla had said the Model Y was already profitable, marking the first time in the company's 17-year history that one of its new vehicles turned a profit in its first quarter.

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