Tesla slashes Design Y SUV selling price as coronavirus weighs on vehicle sector

Tesla slashes Model Y SUV price as coronavirus weighs on auto sector

(Reuters) – Tesla Inc lower the value of its sport utility motor vehicle Model Y by $3,000, just 4 months after its start, as the U.S. electric carmaker seeks to maintain sales momentum in the COVID-19 pandemic.

The reduction follows selling price cuts in May perhaps on Tesla’s Model 3, Model X and Model S.

The corporation headed by Elon Musk this month posted a smaller-than-predicted tumble in car or truck deliveries in the second quarter, resilient success irrespective of the pandemic that strike the global auto business.

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The Product Y now commences at $49,990, down approximately 6% from its previous rate of $52,990, in accordance to the carmaker’s web page.

TickerSafetyPreviousImproveImprove %
TSLATESLA INC.1,544.65+150.37+10.78%

Tesla did not promptly reply to a Reuters request for comment.

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The enterprise started out deliveries of the Model Y in March, promising a much-awaited crossover that will encounter competition from European carmakers like Volkswagen AG rolling out their very own electrical rivals.

In April, Tesla had said the Model Y was presently worthwhile, marking the initially time in the company’s 17-yr heritage that one of its new automobiles turned a income in its to start with quarter.

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

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