Tesla Drops Prices on Model 3, Model Y Standard Range Cars

• Tesla has dropped the starting price of the Standard Range versions of its Model 3 and Model Y (pictured above) by $1000 and $2000 respectively.
• The Performance variants of the Model 3 and Model Y both received a $1000 price bump.
• The Standard Range price drops might be in reaction to the newly introduced 2022 Chevrolet Bolt EV and 2022 Bolt EUV, which start at $31,995 and $33,995 respectively.

Tesla has reduced its starting prices for the Standard Range versions of its two lowest-cost models, the Model 3 and Model Y, with the new prices appearing on Tesla’s website today. The Model 3 now starts at $38,190, a drop of $1000 from the previous starting price of $39,190. The Standard Range Model Y experienced a deeper $2000 cut in price and currently starts at $41,190 versus the previous price point of $43,190.

With the price cuts, Tesla could be responding to Chevy’s latest EV offerings, the 2022 Bolt EV and larger Bolt EUV, which were introduced on February 14. Even with the price cuts, the two Teslas are still several thousand dollars more expensive than the two Chevys: the 2022 Bolt EV starts at $31,995, which is a huge $5500 price reduction compared to the 2021 model, and the Bolt EUV starts at $33,995.

Electric vehicles still fetch a price premium versus comparable gasoline-powered vehicles. But as the technology matures, prices have been coming down and are expected to reach price parity with internal-combustion vehicles potentially by 2023. Meanwhile, automakers can be expected to try to undercut one another on price to get drivers behind the wheels of their EVs, and Tesla is no exception.

While Tesla is still the range king on higher trim levels, its Standard Range Model 3 and Y are on par with Chevy’s offering of 259 miles and 250 miles of range on the Bolt EV and Bolt EUV. The now cheaper Standard Range variants of the Model 3 and Model Y have ranges of 263 miles and 244 miles respectively. Neither automaker’s vehicles are eligible for federal EV tax incentives, so outside of state and local incentives, the price on the sticker is the price the customers pay.

Meanwhile, Tesla increased the prices of the Performance variants of the Model 3 and Model Y. Both received a $1000 price bump, with the quickest trim level Model 3 now starting at $57,190 and the Model Y starting at $62,190. So customers with an eye on speed from Tesla’s lineup, expect to shell out some more cash.

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