Electric vehicle giant Tesla has cut the price of its Model Y mid-size SUV by $3,000 in order to increase demand amid the ongoing coronavirus pandemic. The move follows price cuts on the company’s Model 3, Model X and Model S vehicles.

The Model Y debuted in March and now has a price of $49,990, down from its previous price of $52,990. The vehicle had already begun turning a profit for the company in April.

Tesla’s deliveries fell 4.9% in the second quarter from a year earlier amid the coronavirus crisis, selling 90,650 vehicles during that period. Although the coronavirus has damaged sales, the company handily beat Wall Street estimates of 74,130 vehicles sold during the quarter.

These resilient sales figures have caused Tesla shares to rally, with CEO Elon Musk saying the company might engineer a new electric hatchback in Germany. On Friday, Tesla stock rose 10.78% to $1,544.65 a share, a new all-time high.

Musk’s net worth has ballooned during the stock surge, with the Tesla CEO now worth at least $70.5 billion, according to Bloomberg. Musk’s net worth has now surpassed that of Berkshire Hathaway CEO Warren Buffett.

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