Tesla cuts prices of Model Y electric SUV up to $3,000 as the automaker's stock reaches record highs

Tesla has reduced the price of its mid-size Model Y SUV by $3,000 after cutting prices of the Model 3, Model S and Model X up to $5,000 in May.

The Model Y electric sports utility vehicle now starts at $49,990 for the Long Range dual motor version, according to the Tesla website, down 6% from the $52,990 price tag in February. The Performance version was reduced $1,000 and now is listed at $59,990.

With potential incentives and gas savings of $4,300, the Long Range is listed at $45,690 and the Performance at $55,690, Tesla says on its website.

The automaker didn’t immediately respond to USA TODAY’s request for comment Sunday.

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Tesla started manufacturing the Model Y in January, several months ahead of schedule. The SUV is a slightly larger vehicle than the company's most popular and affordable vehicle, the Model 3 compact car.

The SUV is based on the same architecture as the Model 3 but has more space and an optional third row.

Tesla CEO Elon Musk recently qualified for a compensation package worth about $770 million after the electric vehicle company hit certain goals reflecting its rapid growth in recent years.

The company's stock has continued to beat records and closed at $1,544.65 Friday with shares surging 11%. According to the Bloomberg Billionaires Index, as of Saturday, Musk was the world’s seventh-richest person with a net worth of $70.5 billion, ahead of Warren Buffet at $69.2 billion.

However, the company earned the worst score among the 32 major vehicle brands in J.D. Power's 2020 Initial Quality Study, which was released in June, because of various problems reported by owners.

The 34th annual version of the J.D. Power study, which gauges the performance of new vehicles in their first 90 days, marks the first time the company has rated Tesla.

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