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Telsa Slashes Price of Latest Model Y SUV

News

Tech World

July 13, 2020, 11:54 a.m.

Tesla, an American electric vehicle and clean energy company has slashed down the price on its Model Y midsize SUV as reported by Reuters on Saturday, in the wake of the Coronavirus pandemic.

The Model Y which was revealed in March 2019, was launched in March 2020 at $52,990.

According to Tesla's website, the model is now being offered at a starting price of $49,990.

The company also lowered the Model 3, Model X, and Model S prices in May. In July, the automobile company delivered 90,650 vehicles in the second quarter, a 4.8% decrease in production due to the pandemic and suspension of production at its main U.S. factory for several weeks.

Most of the deliveries were Model 3 and Model Y, summing up to a total of 80,050 while the remaining 10,600 were its higher-end Model S and Model X.

Though Tesla models may be cheaper than before, it announced an increase in cost in June with regards to its Full Self-driving(FSD) package.

Founder and CEO Elon Musk, tweeted that Tesla's most luxurious, feature-packed upgrade package would be increasing by $1,000, and would cost $8,000 starting July 1.

There's no doubt that the car industry is taking a major hit as a result of the Coronavirus pandemic, but although companies have been slashing prices to help maintain sales, it's clear Tesla isn't afraid to increase other auto-related costs like the FSD.

Automakers like Ford, GM and Fiat Chrysler Automobiles, are offering 0% financing rates, in addition to deferred or longer-term payment options, while other automakers have also announced incentives and payment plans to appeal to new buyers and keep existing owners from defaulting on loans.

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Verny Joy Author

Verny loves to write poetry, fiction and quotes. Her love for writing landed her in journalism. She loves gadgets and travelling to explore new places.

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