Elon Musk shares digital render of Tesla's 'Gigafactory' Berlin

Tesla Model Y

News Tesla cuts Model Y price by $3000 as wide-scale efficiencies get realized Tesla Model Y

This makes the equivalent Model Y only $3000 more expensive than the same Model 3, offering buyers much more choice. The standard range version would simply have too little range, and therefore, according to Elon Musk, no right to exist.

Tesla has reduced the rate of an additional motor vehicle.

The firm employed a 20-year discounted cash flow model to generate the price target, and credited Tesla with first-mover advantage and software potential as reasons to stay long the stock. Tesla CEO Elon Musk has now confirmed this on Twitter in response to a user query on the matter.

All Tesla Model 3 derivatives also saw a $2,000 cut.

When Tesla first unveiled the Model Y, it provided us with a chart detailing the four different planned trims for the electric SUV.

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Tesla produced 82,272 vehicles during the second quarter of 2020 and delivered 90,650, beating Wall Street expectations, despite the coronavirus pandemic and the massive toll lockdown restrictions have had on US auto manufacturing.

Tesla didn't immediately answer a Reuters request for comment.

For U.S. folks who have been hesitating to buy a Tesla Model Y in hopes of a "cheap" Standard Range version, you may be out of luck. The starting price of the Model Y Performance has also been lowered, coming in at $59,990 instead of the previous $60,990.

Tesla delivered 90,650 vehicles during the second quarter, above estimates for 74,130 vehicles, according to Refinitiv data.

Telsa's stock surged past $1,700 on Monday, reaching an all-time high, though some Wall Street analysts warn that it's overvalued. Most of the deliveries, or 80,050, had been Model 3 and Product Y, when the remaining 10,600 were being its bigger-stop Product S and Design X.

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