Just four months after Tesla unveiled the Model Y sport utility vehicle, the electric carmaker announced it would slash the price of its newest product.
The $3,000 price cut comes as Tesla seeks to maintain sales momentum in the COVID-19 pandemic.
The reduction follows discounts Tesla offered in May on its Model 3, Model X and Model S.
The company, headed by Elon Musk, this month posted a smaller-than-expected drop in its second-quarter deliveries, proving resilient despite the pandemic that hit the global auto industry.
The Model Y now starts at just under $50,000 down nearly 6% from its previous price of just under $53,000, according to the carmaker's website.
Tesla did not immediately respond to a Reuters request for comment.