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Tesla lowers the price of the model Y SUV as the coronavirus weighs on the automotive sector



(Reuters) – Tesla Inc has reduced the price of its Model Y sport utility vehicle by $ 3,000, just four months after its launch, as the US electric car maker seeks to maintain sales momentum in the COVID-19 pandemic.

The reduction follows the May price cuts on Tesla Model 3, Model X and Model S.

The company led by Elon Musk this month posted lower than expected car deliveries in the second quarter, resilient despite the pandemic that hit the global auto industry.

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The Y model now starts at $ 49,990, down nearly 6% from its previous price of $ 52,990, according to the automaker̵

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Tesla did not immediately respond to a Reuters request for comment.

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The company began delivering the Y model in March, promising a long-awaited crossover that will face competition from European automakers such as Volkswagen AG which launches its electric rivals.

In April, Tesla said the Model Y was already profitable, marking for the first time in the company’s 17-year history that one of its new vehicles made a profit in its first quarter.

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(Report by Aishwarya Nair in Bengaluru and Hyunjoo Jin in Seoul; Editing by Paul Simao and William Mallard)

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