Tesla Inc. (NASDAQ: TSLA) has started offering its Model Y electric sports vehicle for rent, the automaker’s website suggests.
What happened
The launch of Model Y leases has started relatively early, as the company led by Elon Musk did not release leases for its Model 3 vehicle until two years after it went into production, Electrek previously reported.
The lease option is said to be the most economical way to drive Model Y with a down payment of $ 4,500 and a monthly out-of-pocket of $ 499.
Tesla has maintained the duration of the lease at 36 months with an allocation of 10,000 miles.
Because it is important
Leases are likely to increase demand for the electric SUV, although it is not an indicator of the decline in demand itself, Electrek said.
Last week, Tesla announced the temporary closure of its Fremont factory for carrying out updates to vehicle assembly lines.
The automaker is reportedly installing a new assembly line at the California plant. This update is similar to the one I had carried out during acceleration in the production of Model 3 vehicles.
With a $ 3,000 reduction in Model Y prices and strong demand, the electric vehicle maker may need to build more SUVs at its factories.
The additional manufacturing infrastructure at Fremont is attributed to Tesla’s effort to boost Model Y production, according to Electrek.
Price action
Tesla shares closed largely unchanged at $ 1,500.84 on Friday and added another 0.4% in the hours afterward to $ 1,506.78.
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