Tesla slashes price of Model Y amid coronavirus pandemic

American electric vehicle and clean energy company based in Palo Alto, California reduced the price of its sports utility vehicle Model Y by $3,000 on Saturday.

The mid-size compact crossover utility vehicle, which is sold as a Long Range or Performance version is now priced at $49,990, according to Electrek.

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

Tesla unveiled Model Y in March 2019.,started production at its Fremont plant in January 2020 and started deliveries on March 13, 2020.

It is the second vehicle based on the Model 3 sedan platform.

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”.

In April, Tesla claimed that Model Y was already profitable.