Tesla Reportedly Cuts Price Of It’s SUV Model Y By N1.1million

Tesla’s mid-sized SUV Model Y is now priced at  N19.4 million ($49,990), according to the carmaker’s website. About  N1,100, 000 ($2835) have been sliced off its original price.

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

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The Model Y came with a much-awaited crossover that will face competition from European electric carmakers.

In April, Tesla had said the Model Y was already profitable. This marked 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.

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The Tesla Model Y is an electric compact crossover utility vehicle (CUV) by Tesla, Inc. Tesla unveiled it 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.[5] Model Y will offer optional third-row seats for a seven-passenger seating capacity, currently planned for Q4 2020.

There are four powertrains for the Model Y: Standard Range, Long Range, Long Range with Dual-Motor All-Wheel Drive, and Performance.

The Model Y fills a smaller size segment from its bigger sibling, the mid-sized Tesla Model X.

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Tesla reported in the Q4 2019 earnings report on January 29, 2020, that Model Y production has already started in the Fremont factory, that one can now place an order for their premium versions with all-wheel drive, and that delivery of Model Y will begin in Q1 2020.

On March 13, 2020, Tesla made their first deliveries of the Model Y, along with publishing its owner’s manual