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Tesla Cuts Model Y Price by $3,000 as Covid-19 Slashes Car Demand Just 4 Months After Launch

File photo of a Tesla Model Y car. (Image Source: Tesla Motors)

File photo of a Tesla Model Y car. (Image Source: Tesla Motors)

The Model Y now starts at $49,990, down nearly 6 percent from its previous price of $52,990, according to Tesla's website.

Tesla Inc cut the price of its sport utility vehicle Model Y by US$3,000, just four months after its launch, as the US 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 smaller-than-expected fall in-car delivery in the second quarter, resilient results despite the pandemic that hit the global auto industry.

The Model Y now starts at $49,990, down nearly 6 percent from its previous price of $52,990, according to the carmaker’s website.

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.

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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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