Economy

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

Tesla slashes Model Y SUV price as coronavirus weighs on auto sector
Written by Jeffrey A. Clark

(Reuters) – Tesla Inc lower the price of its sport utility car or truck Model Y by $3,000, just four months after its start, as the U.S. electric powered carmaker seeks to maintain sales momentum in the COVID-19 pandemic.

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

The firm headed by Elon Musk this thirty day period posted a smaller-than-anticipated fall in car deliveries in the second quarter, resilient effects inspite of the pandemic that hit the global automobile marketplace.

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The Design Y now commences at $49,990, down approximately 6% from its previous selling price of $52,990, in accordance to the carmaker’s internet site.

TickerSafetyVery lastAlterModify %
TSLATESLA INC.1,544.65+150.37+10.78%

Tesla did not straight away react to a Reuters request for comment.

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The firm started out deliveries of the Product Y in March, promising a considerably-awaited crossover that will encounter competition from European carmakers like Volkswagen AG rolling out their possess electric powered rivals.

In April, Tesla had mentioned the Design Y was by now successful, marking the initially time in the company’s 17-yr heritage that one of its new vehicles turned a profit in its 1st 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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About the author

Jeffrey A. Clark

Avid music fanatic. Communicator. Social media expert. Award-winning bacon scholar. Alcohol fan.

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