Tesla Inc. has cut the price of its Model Y crossover by $3,000 less than four months after starting sales.

The starting price is now $49,990, according to Tesla’s website. The electric-car maker had been charging $52,990 since beginning deliveries in mid-March.

The Model Y reduction is the second significant price cut Tesla has made to its vehicles in roughly six weeks. In late May, the company lopped $5,000 off the Model S and X and $2,000 off the Model Y, which some analysts viewed as a bearish signal of demand.

(Also Read: Tesla Model 3 sedan to arrive in India? Hopefully soon, says Elon Musk)

Tesla ended up delivering 90,650 cars to customers in the second quarter, beating analysts’ estimates and sending its shares soaring. The 269% surge in the stock price this year has vaulted Chief Executive Officer Elon Musk past Warren Buffett on the Bloomberg Billionaires Index.

The blog Electrek reported the Model Y price cut earlier Saturday.

This story has been published from a wire agency feed without modifications to the text.

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