Tesla cut the price of its sport utility vehicle Model Y by $3,000, just four months after its launch, as the US 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 this month posted a smaller-than-expected fall in car deliveries in the second quarter, resilient results despite the pandemic that hit the global auto industry.
The Model Y now starts at $49,990, down nearly 6 percent from its previous price of $52,990, according to the carmaker’s website.
Tesla did not immediately respond to a Reuters request for comment.
The company started deliveries of the Model Y in March, promising a much-awaited crossover that will face competition from European carmakers like Volkswagen AG rolling out their own electric rivals.
In April, Tesla had said the Model Y was already profitable, marking the first time in the company’s 17-year history that one of its new vehicles turned a profit in its first quarter.
Tesla slashes Model Y SUV price as pandemic weighs on auto sector
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Tesla slashes Model Y SUV price as pandemic weighs on auto sector
- Reduction follows price cuts in May on Tesla’s Model 3, Model X and Model S
Saudi Arabia’s industrial production jumps 10.4% in January: GASTAT
RIYADH: Saudi Arabia’s industrial production index rose to 115 in January, up 10.4 percent from a year earlier, driven by higher crude output and stronger mining activity, official data showed.
The latest report released by the General Authority for Statistics showed that the annual surge was primarily fueled by a 13.3 percent jump in the mining and quarrying sub-index, which includes oil production.
Saudi Arabia raised crude oil output to 10.1 million barrels per day in January from 8.9 million barrels per day a year earlier, supporting growth in the mining and quarrying sub-index and contributing to the broader expansion in industrial activity.
The latest IPI figures underscore continued momentum in the Kingdom’s industrial sector as Saudi Arabia pursues economic diversification under its Vision 2030 agenda.
The manufacturing sector, a key pillar of the Kingdom’s economic diversification efforts, also contributed positively to the annual growth. The manufacturing sub-index rose by 6.8 percent compared to January of the previous year.
This was underpinned by strong performances in the manufacture of chemicals and chemical products, which grew by 10.6 percent, and the manufacture of coke and refined petroleum products, which increased by 9.1 percent. The food products industry also saw an annual growth of 9.1 percent.
The water supply, sewerage, and waste management activities recorded the highest annual growth among the major sectors, increasing by 11.7 percent.
Despite the strong year-on-year performance, the IPI showed a slight contraction on a monthly basis, decreasing by 0.5 percent compared to December 2025. This decline was driven by a 1.4 percent drop in the manufacturing sub-index from the previous month.
The monthly downturn in manufacturing was largely attributed to decreases in the same sectors that fueled its annual growth, with coke and petroleum products down 1.1 percent and chemicals down 1.2 percent.
A breakdown by main economic activities shows that the index for oil activities jumped 12.5 percent annually, while non-oil activities also posted a healthy gain of 5.3 percent.
On a monthly basis, both indices saw minor declines, with oil activities dipping 0.1 percent and non-oil activities falling by 1.5 percent.
The electricity, gas, and air conditioning supply sub-index was the only major sector to record an annual decrease, falling by 1.3 percent compared to January 2025.
