Tesla Cuts Model Y Price By $3,000

(RTTNews) - Tesla has reduced price of its Model Y crossover by $3,000, following a decline in auto demand during the coronavirus-induced lockdowns, according to several reports. The price reduction came just four month after its launch.

As per the reports, the Model Y now starts at $49,990, down from its previous price of $52,990.

In late May, the luxury electric car maker cut prices for its flagship Model S sedan and the Model X sport utility vehicle by $5,000 each, while Model 3 sedan price was cut by $2,000.

Tesla delivered about 90,650 vehicles in the second quarter of 2020. The deliveries included 80,050 Model 3 sedans and Model Y cross-over SUVs as well as 10,600 Model S and X vehicles.

Tesla unveiled Model Y in March 2019, started production at its Fremont plant in January 2020 and started deliveries in mid March, 2020.

Model Y will offer optional third-row seats for a seven-passenger seating capacity, currently planned for the fourth-quarter 2020.

There are four powertrains for the Model Y: Standard Range, Long Range, Long Range with Dual-Motor All-Wheel Drive, and Performance. The Long Range AWD model and the Performance model are currently being delivered and the Standard Range model is expected in "early 2021."