Investors sent shares of Tesla soaring Monday morning after word that the auto maker had slashed the price of its electric sport utility Model Y by $3,000 to just under $50,000.

The stock, which has more than tripped this year, catapulted another 13% to a record high.

Tesla's move comes just four months after the Model Y's launch, and it follows price cuts in May on its Models 3, X, and S. The company did not respond to a request for comment.

The Model Y crossover will face competition from European nameplates like Volkswagen which are rolling out their own electric versions.

In April, just one month after it began delivering the Model Y, Tesla said that SUV was already making money. That marked the first time in the company's history that one of its new vehicles had gone into the black in its first quarter. And Tesla marked its third straight profitable quarter that month while Ford bled red and GM's revenues slid.