Tesla Inc., the American electric vehicle giant, headquartered in Palo Alto, California, has recently slashed the price of its SUV Model Y by $3,000 which was reportedly launched just four months ago. The electric carmaker initiated this move in a bid to prevent its sales momentum from slowing down amidst the COVID-19 pandemic, cites sources.
As per to listing on the company’s website, the Model Y is now available to customers at a starting price of $49,990, which is 6% cheaper from its previous price of $52,990.
However, Tesla response to Reuters request for comment on the subject matter wasn’t immediate.
The company delivered on its promise of the much-awaited Model Y in March, shaking the competition landscape with European rivals like Volkswagen AG who are yet to launch their own electric vehicles.
In April, Tesla claimed that the Model Y was already profitable, making this the first time in the company's 17-year run that one of its new vehicles saw profit within its first quarter.
The cherry on top is that CEO Elon Musk recently confirmed the launch of ‘Tack Mode’ feature for the Model Y, cites reliable sources. Musk did not specify which variants of the crossover will receive this feature, but sources familiar with the matter claim that the capability will be exclusive to the Model Y Performance. With this addition, the Model Y will become of the best-handling and most versatile crossovers in the market, reported sources with the details of the feature.
The company this month also reported a slump in car deliveries far from projected numbers in the second quarter, indicating a better standing than most of the automakers hit by pandemic.
Previously, the company had reduced the selling price of its Model 3, Model X, and Model S back in May this year.