Tesla slashes Model Y price amid pandemic

Tesla slashes Model Y SUV price as pandemic weighs on auto sector

The Tesla logo is seen on a car in Los AngelesMore

Tesla seems to be having trouble on the cheaper end of the spectrum as their much-hyped $35,000 Model 3 was short-lived before being relegated to being "off the menu" and now the cheapest Model Y has met the axe. Tesla created a "Standard Range" version available, but it is not listing anywhere.

Tesla CEO Elon Musk has confirmed via Twitter that the Model Y Standard Range variant has been canceled due to mileage concerns.

Elon Musk has shared a render of Tesla's Gigafactory Berlin Brandenburg that will open in 2021 and be the automaker's first full vehicle factory in Europe.

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Tesla's automakers make sure to use different lineup versions, from using simple kWh capacity of its battery pack to identify its configurations in such using terms as the Standard range, Standard Range Plus, and Long Range.

With potential buyer incentives and gas savings, the Model Y could cost as little as $45,990, according to Tesla's website.

In April, just one month after it began delivering the Model Y, Tesla said that SUV was already making money.

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The company headed by Elon Musk this month posted a smaller-than-expected fall in vehicle deliveries in the next quarter, resilient results regardless of the pandemic that hit the global auto industry. Incidentally, as noted by Robb Report, this date coincides with the European launch of the Model Y.

Tesla did not immediately respond to ' request for comment.

Tesla slash charges on several automobiles in May perhaps, but the Model Y was not bundled in those reductions.

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Not every price was lowered for the Model Y. Tesla's driver-assistance system, Autopilot, increased from $7,000 to $8,000. On Friday, Tesla stock rose 10.78% to $1,544.65 a share, a new all-time high.

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