Tesla Slashes Prices Of Model 3, Model Y Base Variants

Tesla Inc TSLA has slashed the prices of the base models of its Model 3 and Model Y vehicles. 

What Happened: Previously, the Standard Range Plus Model 3 sold for $37,990 and is now priced $1,000 cheaper at $36,990.

The Model 3 Performance (AWD) will now sell for $55,990 and was previously priced at $54,990. 

There is no change to the price of the Model 3 Long Range (AWD), which continues to be sold for $46,990. 

As for the Model Y trims — the Model Y Standard Range sees its price drop by $2,000 to $39,990. There is no change in the price of the Model Y Long Range (AWD).

See also: How to Invest in Tesla Stock

The Model Y Performance (AWD) will now cost $60,990 and was previously priced at $59,990, which is a price hike of $1,000.

Why it Matters: In January, Tesla cut prices of its European Model 3. In Germany, the Model 3 became cheaper up to EUR 4,000, and in France by as much as EUR 6,000. 

At the end of last year, it was reported that the Elon Musk-led company is unlikely to cut Model 3 prices in China. 

In China, Tesla made five price cuts between October 2019 and October 2020. 

Price Action: Tesla shares closed nearly 0.2% higher at $798.15 on Wednesday and fell about 0.6% in the after-hours session.

Related Link: Tesla Denies Development Of $25,000 Model 2 Vehicle In China: cnEVpost

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