Electric Car and Clean Energy Company, Tesla has cut the price of its Model Y sports utility vehicle by $3,000 in efforts to maintain sales during the COVID-19 pandemic. This is four months after the sports electric SUV was launched to the market.
However, Model Y isn't the first vehicle the company made reductions on. In May 2020, Tesla slashed the price of its Model 3, Model X, and Model S vehicles. According to Reuters, the company released a lesser than expected fall in sales in the second quarter of 2020, indicating good results despite the impact of the pandemic on businesses.
The Model Y is now $49,990 from $53,990 nearly 6 percent reduction.
Tesla had earlier predicted through statistics and preorders that the Model Y would make a record-breaking profit in the company's history.