Tesla cuts prices of Model Y electric SUV by up to $3,000

Tesla lowers the starting price of its Model Y electric SUV by $3,000, company claims. The new pricing comes to attract buyers despite the economic fallout of the COVID-19 pandemic.

Tesla, one of the leading American car brands, cut prices for several of its electric cars, including high-end vehicles Model S sedan and Model X SUV. The new pricing for the said cars, as well as the Model Y, comes as U.S. automakers try to attract more buyers despite the economic fallout due to the COVID-19 pandemic.

Tesla’s crossover all-electric vehicle like Model 3

Model Y SUV is similar to Model 3, like the Model S is identical to the Model X. The original price starts at $52,990 (Long Range model) in the U.S. While worldwide pricing will fluctuate for currency conversions and tax incentives.

With the seven-seat option that is coming in 2021, Model Y is said to be the first Tesla car that can hold that many people. Not to mention its excellent specifications such as its 315-mile EPA range and extended mirrors up to 1.6 inches wider, folded to 1.2 inches wider compare to Model 3.

Tesla’s Model Y SUV is currently available for order in two trim levels: Long Range and Performance, both of which use an all-wheel drive. A more economical and practical Standard Range model for this year.

Tesla cuts prices of Model Y electric SUV by up to $3,000

Tesla lowers the starting price of its Model Y electric SUV

According to The Verge, Tesla has lowered the buying price of its Model Y car by $3,000, so its Long Range AWD will now cost $49,990. The SUV just began shipping in March, and earlier this month, Tesla announced better-than-expected delivery numbers for all its vehicles.

So the reason of this cut-price is apparent. Despite the temporary shutdown of Tesla’s Fremont, California factory due to the health pandemic, it delivered 80,050 of its Model Y and Model 3 vehicles while 10,600 of its Model S and Model X vehicles. 

That produced a total for the second quarter of 90,650 vehicles delivered, better than the expected 72,000 by Wall Street analysts. A 4.8% decline due to the pandemic and suspension of production at its main U.S. factory for several weeks, but still better than analysts’ expectations. 

As reported months ago, Tesla has already reduced prices on several vehicles, but the Model Y was not included. It lowered the rates on the base models and Performance versions of the Model S sedan and Model X SUV by $5,000 and cut the prices on all versions of its Model 3 by $2,000.

Images used courtesy of Andy Slye/YouTube Screenshot and Christopher Lyzcen/Shutterstock

Micky is a news site and does not provide trading, investing, or other financial advice. By using this website, you affirm that you have read and agree to abide by our Terms and Conditions.
Micky readers - you can get a 10% discount on trading fees on FTX and Binance when you sign up using the links above.