Tesla cuts price of Model Y SUV by $3,000, Electrek says

The Tesla logo is seen on a car in Los Angeles, California, U.S., July 9, 2020. REUTERS/Lucy Nicholson TPX IMAGES OF THE DAY

(Reuters) – U.S. electric carmaker Tesla Inc (TSLA.O) reduced the price of its sports utility vehicle Model Y by $3,000, Electrek bit.ly/327OJoV reported on Saturday.

Tesla’s mid-sized SUV, which is sold as a Long Range or Performance version – is now priced at $49,990, according to the carmaker’s website bit.ly/327lz9y.

The Performance version will be updated with a new configuration, the report added.

Tesla did not immediately respond to Reuters’ request for comment.

The Model Y was unveiled on March 14 last year, promising a much-awaited crossover that will face competition from European carmakers rolling out their own electric rivals.

In April, Tesla had said the Model Y was already profitable, marking the first time in the company’s history that one of its new vehicles turned a profit in its first quarter.

Tesla delivered 90,650 vehicles during the second quarter, above estimates for 74,130 vehicles, according to Refinitiv data. It delivered 80,050 units of its new Model Y SUV and Model 3 for the quarter.

Reporting by Aishwarya Nair in Bengaluru; Editing by Paul Simao

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