Reuters. The Tesla logo can be seen on a car in Los Angeles

(Reuters) – Tesla Inc (O:) has cut the price of its Model Y sport utility vehicle by $3,000 just four months after its launch as the U.S. electric carmaker seeks to maintain sales momentum in the COVID-19 pandemic.

The reduction follows price cuts in May on Tesla’s Model 3, Model X and Model S.

The company headed by Elon Musk recorded a smaller than expected drop in car deliveries in the second quarter this month, a resilient performance despite the pandemic that has hit the global auto industry.

The Y model now starts at $49,990, down almost 6% from its previous price of $52,990, according to the automaker’s website.

Tesla did not respond immediately to a request for comments from Reuters.

The company began delivering the Y model in March, promising a much-anticipated crossover that will face competition from European automakers such as Volkswagen AG (DE:) that are launching their own electric rivals.

In April, Tesla said the Y model was already profitable, marking the first time in the company’s 17-year history that one of its new vehicles was profitable in its first quarter.

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2020-07-12