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Published on 12/07/2020 10:26:47 AM | Source: Reuters

Tesla cuts price of Model Y SUV by $3,000, Electrek says

Posted in Top Stories| #World Market #US #Tesla Inc

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U.S. electric carmaker Tesla Inc reduced the price of its sports utility vehicle Model Y by $3,000, Electrek reported on Saturday.

Tesla's mid-sized SUV, which is sold as a Long Range or Performance version - is now priced at $49,990, according to the carmaker's website 

The Performance version will be updated with a new configuration, the report added.

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

The Model Y was unveiled on March 14 last year, promising a much-awaited crossover that will face competition from European carmakers 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 history that one of its new vehicles turned a profit in its first quarter.

Tesla delivered 90,650 vehicles during the second quarter, above estimates for 74,130 vehicles, according to Refinitiv data. It delivered 80,050 units of its new Model Y SUV and Model 3 for the quarter.

(Reporting by Aishwarya Nair in Bengaluru; Editing by Paul Simao)