Tesla shaves US$3,000 off Model Y price months after sales start

[NEW YORK] Tesla has cut the price of its Model Y crossover by US$3,000 less than four months after starting sales.

The starting price is now US$49,990, according to Tesla's website. The electric-car maker had been charging US$52,990 since beginning deliveries in mid-March.

The Model Y reduction is the second significant price cut Tesla has made to its vehicles in roughly six weeks. In late May, the company lopped US$5,000 off the Model S and X and US$2,000 off the Model Y, which some analysts viewed as a bearish signal of demand.

Tesla ended up delivering 90,650 cars to customers in the second quarter, beating analysts' estimates and sending its shares soaring. The 269 per cent surge in the stock price this year has vaulted chief executive officer Elon Musk past Warren Buffett on the Bloomberg Billionaires Index.

The blog Electrek reported the Model Y price cut earlier Saturday.

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