Tesla Inc. cut the price of the Model Y crossover by $3,000, just four months after its launch, as the electric carmaker seeks to maintain sales momentum during the COVID-19 pandemic.
The reduction follows price cuts in May on the Model 3, Model X and Model S.
The company this month posted a smaller-than-expected decline in new-vehicle deliveries 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 a previous price of $52,990, according to the carmaker’s website.
Tesla did not immediately respond to a request for comment.
The company started deliveries of the Model Y in March, promising a much-awaited crossover that will face competition from European carmakers as Volkswagen Group and others roll out their own electric rivals.
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 the first quarter it was launched.