Tesla cuts prices of new electric SUV

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This comes after Tesla cut prices in May on several other models, including the '3' and the 'X'

Tesla Model Y

FILE- In this March 14, 2019, file photo Tesla’s Model Y is displayed at Tesla’s design studio in Hawthorne, Calif. Tesla CEO Elon Musk says the electric car pioneer plans to build a new factory near Berlin. News agency dpa reported that Musk made the announcement during a prizegiving ceremony in the German capital Tuesday evening. (AP Photo/Jae C. Hong, File)

(CNN Newsource) – Tesla is cutting $3,000 off the price of it’s Model ‘Y’ SUV.

The electric sports utility vehicle now starts just under $50,000 for the long-range duel motor version.

This comes after Tesla cut prices in May on several other models, including the ‘3’ and the ‘X.’

The company can apparently afford the price cuts. Tesla’s stock has continued to beat records and closed Friday with shares surging 11%.

According to the Bloomberg Billionaires Index, as of Saturday, Tesla CEO Elon Musk was the world’s seventh-richest person with a net worth of $70.5 billion.

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